Japan's Nissan returns to profit despite chips shortages

Japanese automaker Nissan has returned to profitability for the first time in three fiscal years, despite challenges such as supply shortages caused by the pandemic and soaring costs

TOKYO -- Japanese automaker Nissan returned to profitability in the last fiscal year for the first time in three years, despite challenges such as supply shortages caused by the pandemic and soaring costs.

Nissan Motor Co. reported Thursday a net profit of 215.5 billion yen ($1.7 billion) for the fiscal year through March, a reversal from the 448.7 billion yen loss recorded the previous fiscal year.

Annual sales rose 7% to 8.4 trillion yen ($65 billion).

In the January-March quarter, Nissan posted a profit of 14.2 billion yen ($110 million). It recorded an 81 billion yen loss in the same period the year before.