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Back to Black

Back to black

The news that a big name like Nissan is back in the black is of course to be welcomed. The Japanese giant made a modest but significant profit over the full year of 42.4 billion yen.

Not an enormous sum by international corporation standards but it followed an 11.6 billion loss in the fourth quarter of 2009.

Company president Carlos Ghosn hailed the figures, thought to be down to cost-cutting measures and strong sales in China. He said: “Though we are still….in crisis mode, Nissan is well on track toward complete recovery.”

But the news that Toyota is also back in profit is genuinely surprising. The firm turned a reported respectable profit of 112 billion yen in the three months to the end of March 2010: quite a turnaround from the 766 billion yen loss made during the same period in 2009.

When you consider the fact that Toyota spent months near the top of the motoring sector news pages with a series of enormous multinational product recalls during 2009, this achievement is all the more impressive.

Toyota president Akio Toyoda told a news conference in Tokyo: “There’s no change in the fact that we are in stormy waters. But now I feel that even in the storm, we can see a ray of sunlight in the distance.”

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