Nissan sees profit dip as sales fall, offsetting cost cuts

TOKYO (AP) — Japanese automaker Nissan is reporting an 8 percent fall in profit for the latest quarter as declining sales offset the benefits of cost cuts.

Nissan Motor Co. reported a July-September profit of 130.4 billion yen ($1.1 billion) Thursday, down from 141.6 billion yen the same period a year earlier.

Quarterly sales dipped nearly 3 percent to 2.82 trillion yen ($24.8 billion).

Nissan, which makes the March subcompact, Leaf electric car and Infiniti luxury models, stuck to its forecast for the fiscal year through March for a 500 billion yen ($4.4 billion) profit on 12 trillion yen ($106 billion) sales.

Chief Financial Officer Hiroshi Karube said Nissan's quarterly vehicle sales fell in North America and Europe but rose in China, while they held relatively steady in Japan, compared to last year.