Nissan Motor Corporation has announced financial results for the six-months ended September 30, 2022, and revised upward its full-year revenue and profit outlook for fiscal 2022. Consolidated net revenue increased by ¥715.3 billion to ¥4.66 trillion, with consolidated operating profit rising ¥17.5 billion to ¥156.6 billion, representing an operating profit margin of 3.4%. Net income (1) was ¥64.5 billion down ¥17.4 billion, from the previous year due to a one-time loss of ¥24.1 billion recorded in the second quarter because of the company’s withdrawal from the Russian market, and a decrease in equity in earnings of affiliates.
In the second quarter, free cash flow from the automobile business was a positive ¥206.6 billion. On a management pro forma basis, which includes the proportionate consolidation of results from Nissan’s joint-venture operation in China, operating profit was ¥212.6 billion, with an operating margin of 4.0%. (2)
Consistent with what other Japanese companies said during earnings week, increased revenue and operating profit were achieved despite “a severe business environment in the first half of the fiscal year, with raw material prices rising sharply and sales volume falling below the previous year’s level due to semiconductor supply shortages and the impact of COVID-related lockdowns in Shanghai, China,” Nissan said. (AutoInformed.com on Honda Posts a Profit of ¥453.4B for First Half FY Results) Continue reading →
SEC Charges Goldman Sachs for Ignoring ESG Investment Policies, Procedures
The Securities and Exchange Commission today charged Goldman Sachs Asset Management, L.P. (GSAM) for policies and procedures failures involving two mutual funds and one separately managed account strategy marketed as Environmental, Social, and Governance ( aka, ESG) investments.
To make the charges go away, GSAM agreed to pay a $4 million penalty. AutoInformed notes with no insider knowledge of this matter whatsoever or holdings of Goldman products to the best of its knowledge, that this is a minor parking ticket. Could it be that the SEC was perhaps lagging in its regulatory duties under the previous administration, and is now using this as a public relations ploy as it plays catch-up monitoring such investments? Continue reading →