Alternative Search Engine

Nissan operating profit rises 25%; Ghosn charge booked

Source:   ( Home & Auto > Auto )

Feb 12, 2019 5:12 AM 1+ week ago

Bloomberg YOKOHAMA, Japan Nissan reported a 25 percent surge in operating profit in the latest quarter on a richer sales mix as it booked a one-time charge to cover the contentious deferred compensation ousted Chairman Carlos Ghosn is accused of not properly reporting. Global operating profit advanced to 103.3 billion yen ($937 million) in the fiscal third quarter ended Dec. 31, CFO Hiroshi Karube said on Tuesday while announcing They were the first quarterly financials since the Nov. 19 arrest of Ghosn threw Nissan and its alliance with Renault into turmoil. As part of the report, Nissan booked a 9.23 billion yen ($83.7 million) charge for the deferred compensation allegedly owed Ghosn. That amount, covering the 2009-17 fiscal years, is the crux of two indictments against former chairman, who remains jailed in Japan. Prosecutors accuse Ghosn of falsifying official company financial filings by failing to report the income as a future liability against the company. Ghosn maintains his innocence, saying such pay was neither finalized, not disbursed. Therefore, there was no obligation to report it. Also indicted in the matter are Nissan, as a company, and Greg Kelly, a Nissan director and Ghosn confidant, who allegedly helped Ghosn. Kelly denies the charges, and like Ghosn, is awaiting trial in Japan. Nissan has not entered a plea in the case. But the company's booking of the deferred compensation indicates that it considers the pay a contractual obligation to Ghosn. Doing so may undermine Ghosn's legal defense. Nissan said in December it would correct financial filings for what it considers unreported liabilities, to bring them in line with the regulations of Japan's Financial Services Agency. CEO Hiroto Saikawa, who also attended the Tuesday earnings announcement at the company's headquarters here south of Tokyo, said Nissan may not need to actually disburse the amount. I personally don't think we will Read more.

Search Builder

(Click to add to search box)
Search Suggestions Level 1
parent company bases  North American operation  North American market  Financial Services Agency  light vehicle market  Kicks subcompact crossover  CEO Hiroto Saikawa  Japanese rivals Toyota  Automotive News database  Chairman Carlos Ghosn  Nissan North America  Infiniti brands  incentive spending  Nissan Group  brand value  exchange rates  North America  European unit  fleet sales  model mix  Japanese automaker  European sales  discount image  sales outlooks  sales forecast  material costs  incentive outlays  marketing expenses  profit margin  United States  vehicles stocks  fleet deliveries  industry trend  Autodata Corp  Japanese yen  forecast sales  Ghosn confidant  Nissan director  business plan  Greg Kelly  partner Mitsubishi  cost savings  sales mix  Japan Nissan  Bloomberg YOKOHAMA  Japanese rivals  official company  
Search Suggestions Level 2
Nissan profit  books charge  charge Nissan  Profit Nissan  profit outlook  
Search Suggestions Level 3
CEO Hiroto Saikawa  Asia Times today  Foreign Correspondents Club  Chairman Carlos Ghosn  Tokyo District Court  North American market  Toyota Motor Corp  North American operation  Automotive News database  North America  Carlos Ghosn  parent company bases  Nissan Motor Co  Reputational crisis Nissan  Japanese prosecutors drop  Nissan North America  records show Nissan  Japanese rivals Toyota  executive Alexandre Bompard  Kicks subcompact crossover  Financial Services Agency  light vehicle market  brand value  Nissan Group  Whitelist Us  Japanese automaker  United States  Infiniti brands  incentive spending  exchange rates  press conference  Japanese prosecutors  bond market  Motonari Otsuru  Kiyoshi Takenaka  French citizen  Laurence Frost  word enzai  reasons Japan  Long detentions  Maki Shiraki  Nissan executives  crimes Ghosn  Special Breach  arrest reports  Ousting Ghosn  Asahi newspaper  Nissan board  compensation amounts  whistleblower report  company money  sign statements  Alexander Vinnik  Japanese police  Bloomberg YOKOHAMA  Total oil  quarter core  time Nissan  French partner  Tokyo prosecutors  governance controls  European Union  Volkswagen Group  Tokyo jail  fellow executives  board members  letter Updated  telecoms operator  home country  need financing  staff costs  rates revenue  Operating costs  capital expenditure  December period  Gwenaelle Barzic  Mathieu Rosemain  Seiji Sugiura  market participants  core assets  whitelisting Autoblog  garage doors  Autoblog page  supermarket retailers  hypermarket stores  Dominique Vidalon  gas production  Duvernay oilfields  rating firm  business circumstances  van sales  Mississippi factory  chairman Ghosn  earnings forecast  Investors Service  debt score  Eagle Ford  debt rating  Realized prices  actions Ghosn  

**Content contained on this site is provided on an “as is” basis. 4Internet, LLC makes no commitments regarding the content and does not review it, so don't assume that it's been reviewed. What you see here may not be accurate and should not be relied upon. The content does not necessarily represent the views and opinions of 4Internet, LLC. You use this service and everything you see here at your own risk. Content displayed may be subject to copyright. Content is removed on a case by case basis. To request that content be removed, contact us using the following form: Contact Us.