YOKOHAMA: Nissan on Wednesday (May 13) reported an operating profit of ¥58.0 billion (US$367.60 million) for the year that ended in March, as an improved cost performance and a one-off boost tied to US emissions regulations offset a hit from Washington’s tariffs.

Analysts, according to an LSEG survey, expected the automaker to report a fiscal year loss of ¥60 billion. In the year-earlier period, it posted a profit of ¥69.8 billion.

Nissan, like other carmakers, faces pressure from US tariffs, intense competition from Chinese electric vehicle makers in Europe and elsewhere, as well as higher material costs and supply risks from the US-Israeli war on Iran.

CEO Ivan Espinosa is trying to return the automaker to growth after years of turmoil and is cutting jobs, manufacturing sites and the number of cars in its global line-up.

The results were slightly better than the company’s forecast for a ¥50 billion profit that was released about two weeks ago.

The company said US tariffs pushed down the full-year profit by ¥286 billion.

For the current fiscal year, Nissan expects to report an operating profit of ¥200 billion.