TOKYO -- Falling sales and swelling red ink in North America sent Nissan Motor Co. to its first net loss since President Carlos Ghosn took the helm a decade ago.
Ghosn warned of more losses this year but said the Japanese automaker was aiming to return to profitability by the end of the fiscal year ending March 31, 2011.
"We still have significant challenges before us," Ghosn said.
For the year just finished, Nissan swung to a net loss of ¥233.71 billion, or $2.40 billion at current exchange rates, from net income of $4.96 billion the year before, the company said. It was Nissan's first annual net loss since Ghosn become its boss in 1999.
Revenue fell 22.1 percent to $86.71 billion, pushing the company to an operating loss of $1.42 billion. A year before, it posted an operating profit of $8.13 billion.
Global unit sales fell 9.5 percent to 3.4 million.
Nissan joined rivals Mazda Motor Corp. and Toyota Motor Corp. in forecasting more losses in the current fiscal year ending March 31, 2010.