In this July 25, 2019, photo, a staff member stands by a window of a Nissan car gallery in Tokyo. Japanese automaker Nissan has seen July-September profit tumble to half of what it earned the previous year as sales and brand power crumbled since the arrest of former Chairman Carlos Ghosn a year ago. (AP Photo/Eugene Hoshiko)

Scandal-hit Nissan's profits crash amid lower global sales

November 12, 2019 - 3:18 am

TOKYO (AP) — Japanese automaker Nissan says its July-September profit tumbled to half of what it earned the previous year as sales and brand power crumbled following the arrest of its former Chairman Carlos Ghosn.

Nissan Motor Co. reported Tuesday that its fiscal second quarter profit totaled 59 billion yen ($541 million), down from 130 billion yen.

Quarterly sales slipped nearly 7% to 2.6 trillion yen ($24 billion) as vehicle sales fell around the world, including the U.S., Europe and Japan.

Ghosn, arrested in November 2018, is out on bail. It's unclear when his trial might start.

He faces various allegations, including under-reporting promised compensation in documents and breaching trust in making dubious payments

Nissan was also charged. It reiterated its promise to improve governance, corporate culture and ethical standards.

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