Nissan Motor has reported a decline in profits for the fiscal year that ended in March.
Nissan’s consolidated earnings report shows sales for the last fiscal year came to about 103 billion dollars. That’s down 3.9 percent in yen terms from the previous year.
It says operating profit fell to 6.5 billion dollars, a decrease of 6.4 percent. It was the first decline in 3 years.
Nissan expects that operating profit for the year to next March will fall even further, by 7.7 percent.
The company says it expects another decline this fiscal year, too.
Officials blame the stronger yen and the higher cost of raw materials for the disappointing performance.
The firm is forecasting that higher prices for materials will drag down profits by about 790 million dollars