TOYKO -- Nissan Motor Co. cut its forecast for an annual operating loss by 28 percent, helped by restructuring efforts and better-than-expected sales.
Operating loss for the year to March 31 will be 340 billion yen ($3.2 billion), compared with the prior forecast for a 470-billion-yen loss ($4.5 billion), Nissan said on Thursday.
For the July-September quarter, Nissan reported an operating loss of 4.8 billion yen ($45.6 million), compared with a 30 billion yen ($285 million) profit for the same period a year earlier, after sales fell due to the coronavirus pandemic.
Sales for the latest quarter fell 27 percent to 1.9 trillion yen ($18 billion).
Nissan raised its outlook for full-year revenue to 7.9 trillion yen ($75 billion).
Facing an aging lineup and suffering from a volume-focused strategy, Nissan embarked on an aggressive turnaround plan six months ago while moving past the turmoil caused by the November 2018 arrest of former Chairman Carlos Ghosn.
"Other automakers are recovering, but Nissan's recovery is weaker," said Tatsuo Yoshida, a Bloomberg Intelligence analyst.
CEO Makoto Uchida said in September that he expects Nissan to return to profitability in 2021 if the current momentum continues, thanks to demand in China bouncing back from the pandemic.