<p>Nissan posted a loss of 44.4 billion yen ($421 million) in the last quarter as the pandemic slammed profitability and the Japanese automaker fought to restore a brand image tarnished by a scandal centered on its former star executive Carlos Ghosn.</p>.<p>Nissan Motor Co. had a profit of 59 billion yen in July-September of 2019.</p>.<p>Yokohama-based Nissan reported Thursday its quarterly sales dipped to 1.9 trillion yen ($18 billion) from 2.6 trillion yen a year earlier.</p>.<p>Nissan officials said its global sales are expected to recover to pre-pandemic levels by December, if improvements continue at the current pace.</p>.<p>Chief Executive Makoto Uchida promised the company will work hard to recover and become “a trusted company,” delivering products that will be praised as “Nissan-like.” A section of Nissan's earnings report addressed the Ghosn case.</p>.<p>Former Nissan executive Greg Kelly is standing trial in Tokyo District Court on allegations of violating the Financial Instruments and Exchange Act in not fully disclosing Ghosn's compensation.</p>.<p>Ghosn, who says he is innocent, jumped bail and fled to Lebanon, which has no extradition treaty with Japan. Kelly also says he is innocent.</p>.<p>Nissan, as a company, is not fighting the criminal charges and has paid an administrative penalty of 1.4 billion yen ($13 million).</p>.<p>The company reiterated Thursday that it took what happened seriously and has taken steps to improve governance.</p>.<p>In its report, Nissan accused Ghosn of misusing company assets for personal use, such as spending $27 million of company funds to buy homes in Beirut and Rio de Janeiro, improper use of the company jet and donating $2 million to universities in Lebanon.</p>.<p>Nissan is suing Ghosn, demanding 10 billion yen ($95 million) in damages.</p>.<p>The company is still bleeding red ink and expects a 615 billion yen ($5.8 billion) loss for this fiscal year, which ends in March. That is still an improvement over its earlier projection for a 670 billion yen loss ($6.4 billion).</p>.<p>Nissan posted a 671 billion yen loss in the previous fiscal year.</p>.<p>The maker of the Leaf electric car and Infiniti luxury models raised its fiscal year sales forecast to 7.9 trillion yen ($75 billion), better than its earlier projection for 7.8 trillion yen ($74 billion). </p>
<p>Nissan posted a loss of 44.4 billion yen ($421 million) in the last quarter as the pandemic slammed profitability and the Japanese automaker fought to restore a brand image tarnished by a scandal centered on its former star executive Carlos Ghosn.</p>.<p>Nissan Motor Co. had a profit of 59 billion yen in July-September of 2019.</p>.<p>Yokohama-based Nissan reported Thursday its quarterly sales dipped to 1.9 trillion yen ($18 billion) from 2.6 trillion yen a year earlier.</p>.<p>Nissan officials said its global sales are expected to recover to pre-pandemic levels by December, if improvements continue at the current pace.</p>.<p>Chief Executive Makoto Uchida promised the company will work hard to recover and become “a trusted company,” delivering products that will be praised as “Nissan-like.” A section of Nissan's earnings report addressed the Ghosn case.</p>.<p>Former Nissan executive Greg Kelly is standing trial in Tokyo District Court on allegations of violating the Financial Instruments and Exchange Act in not fully disclosing Ghosn's compensation.</p>.<p>Ghosn, who says he is innocent, jumped bail and fled to Lebanon, which has no extradition treaty with Japan. Kelly also says he is innocent.</p>.<p>Nissan, as a company, is not fighting the criminal charges and has paid an administrative penalty of 1.4 billion yen ($13 million).</p>.<p>The company reiterated Thursday that it took what happened seriously and has taken steps to improve governance.</p>.<p>In its report, Nissan accused Ghosn of misusing company assets for personal use, such as spending $27 million of company funds to buy homes in Beirut and Rio de Janeiro, improper use of the company jet and donating $2 million to universities in Lebanon.</p>.<p>Nissan is suing Ghosn, demanding 10 billion yen ($95 million) in damages.</p>.<p>The company is still bleeding red ink and expects a 615 billion yen ($5.8 billion) loss for this fiscal year, which ends in March. That is still an improvement over its earlier projection for a 670 billion yen loss ($6.4 billion).</p>.<p>Nissan posted a 671 billion yen loss in the previous fiscal year.</p>.<p>The maker of the Leaf electric car and Infiniti luxury models raised its fiscal year sales forecast to 7.9 trillion yen ($75 billion), better than its earlier projection for 7.8 trillion yen ($74 billion). </p>