Nissan Motor announces Q1 loss of 175 mn dlrs

TOKYO: Japan's Nissan Motor said on Wednesday that it suffered a net loss of 16.5 billion yen (175 million dollars) in the fiscal first quarter through June because of a slump in global demand for cars.

Nissan, which is cutting 20,000 jobs to cope with the global economic crisis, reiterated its forecast to end the full business year to March 170 billion yen in the red.

"2009 continues to be a tough year, but we are beginning to see positive results from the measures taken under our recovery plan," said Nissan chief executive Carlos Ghosn, who also heads the group's French partner Renault.