Nissan downbeat despite profits

Nissan said quarterly profit rose nearly 8% but the Japanese carmaker lowered its full-year forecasts because of a sales slump in China and weakness in Europe.

Nissan Motor Company today reported a July-September net profit of 106 billion yen (€1bn).

Quarterly sales improved 5.5% to 2.4 trillion yen (€23.2bn).

Nissan lowered its profit and sales forecasts for the business year ending March 2013.

Anti-Japanese sentiment has flared in recent months in China over a group of islands controlled by Japan but also claimed by Beijing, setting off a boycott of Japanese products and some violent protests.

The Yokohama-based automaker said its vehicle sales grew in the US, Indonesia and India for the July-September quarter compared with the previous year.