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AGENCIES
TOKYO, APR 16: Japan's Nissan Motor Co Ltd said today it would reduce production capacity and cut 5,000 jobs as it struggles to tackle a burgeoning debt crisis. Japan's number two car maker, which last month, signed a major tie-up with France's Renault Sa, said it was still expecting to post a 30 billion yen ($ 250 million) group net loss for the past year to March.
But it now forecast pre-tax profit at 15 billion yen, down from a forecast 60 billion yen profit. Nissan blamed a deep slump in the Japanese market and heavy losses in Mexico, saying it had made profits in the US and Europe.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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