News of April 18, 1999
Page 1 of 7
|Nissan Chairman Yoshifumi Tsuji was expected to resign to take
responsibility for the bigger-than-expected loss and a restructuring effort designed to
resuscitate the troubled company, the Yomiuri newspaper said.
A Nissan spokeswoman told
Dow Jones Newswires that the report was speculative. She said the company is putting
together its earnings results for the latest fiscal year and no final numbers are
available. The red ink resulted from sluggish domestic sales, which eroded operating
profit, along with special losses from Nissan's securities portfolio and aid extended to
affiliated dealerships, the paper reported. Nissan's parent company was expected to lose a
lot more money than it had expected in the fiscal year which ended March 31, the paper
said. In November, Nissan projected a net loss of 10 billion yen ($ 84 million) for the
year, the Yomiuri said. The newspaper also reported that Nissan might either slash its
dividend payments or forego them entirely.
Also Wednesday, a spokesman for Nissan said the company's North American operations are
likely to have posted a profit in fiscal 1998 for the first time in two years.
|DETROIT, April 15, 1999--
General Motors Corp. (GM) today reported an all-time quarterly record of $3.10 basic
earnings per share of GM $1-2/3 par value common stock in the first quarter of 1999 on
consolidated net income of $2.1 billion. That compares with net income of $1.6 billion, or
$2.31 per share, in the first quarter of 1998. The results include Delphi Automotive
Systems, which as announced on Monday is being spun off as an independent company. Delphi,
which is reporting its results separately today, is now classified by GM as a discontinued
operation and is treated as such in the balance of this release.
|Excluding Delphi, net income and earnings per share from continuing
operations were an all-time quarterly record of $1.8 billion, or $2.73 basic earnings per
share. That compares with $1.4 billion, or $1.96 per share, for continuing operations in
the first quarter of 1998.
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