OREANDA-NEWS. Nissan Motor Co. reported a 35% drop in net profit for the latest quarter, stung by sluggish sales in China and fierce competition in the U.S., its two biggest markets.

Nissan kept its fiscal year net profit forecast unchanged at JPY 320 billion, down 6.3% from JPY 341.43 billion last year. That is lower than its two main Japanese rivals.

In November, Nissan slashed its full year outlook by 20% due to yen strength, weak demand in Europe and collapsing sales in China.

In the latest quarter, the maker of the Altima sedan and Leaf electric vehicle said its net profit fell to JPY 54.1 billion, down from JPY 82.7 billion in the three months to December last year and below a consensus forecast of JPY 59.9 billion from 11 analysts surveyed by data provider Quick.