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Last Updated: Friday, 2 February 2007, 07:54 GMT
Lower sales hit Nissan's profits
Nissan Altima
Nissan's sales fell 3% during the quarter
Nissan Motor has issued a profit warning after Weak sales and high material and energy costs sent profits plummeting 23% during the autumn.

Japan's third-largest carmaker's net profits fell to 104bn yen ($865m; 440m) during the October to December quarter, from 135bn a year earlier.

Analysts had expected a worse result of 132bn yen during the quarter.

Nissan's quarterly revenues fell 1.8% from a year earlier to 2.34 trillion yen. Its global sales dropped 3%.

The carmaker is now cutting its annual profit target for the year to 31 March by 12%.

"Against an environment of high raw material and energy prices, no pricing power and continuing weakness in mature markets, our industry faced many headwinds," said Nissan chief executive Carlos Ghosn.

Nissan is an alliance partner with Renault, and Mr Ghosn is the chief executive of both firms.

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