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Nissan loses pounds 1.2bn

Nissan reported a pounds 1.2bn loss because of the strong yen and Japan's economic slump. The country's second biggest car maker lost a net 166bn yen on a group basis in the year to March 31 1994 compared with a loss of 86.9bn yen in 1993.

Vehicles sales dropped by 7.5 per cent to 1.05 million for the 1994/95 year. Managing director Koichi Takagi blamed poor sales of the motor manufacturer's mainstay luxury models, Cedric and Celia, for the fall. Nissan plans a cost cutting excercise to save 110bn yen and intends to relaunch the Celia and Cedric models in Japan next month, hoping to boost operating profit by 40bn yen.