Nissan returns to the black with annual profit

TOKYO: Japan's number three automaker Nissan Motor posted a return to the black Wednesday, reporting an annual profit of 42.4 billion yen (460 million dollars) from a previous loss of 233.7 billion yen.

The company saw a much narrower fourth quarter net loss of 11.6 billion yen in the three months ended March, compared to a loss of 276.9 billion yen during the same period a year earlier during the global financial crisis.

Nissan forecast a 254 percent surge in profit to 150 billion yen for the fiscal year ending March 2011.

"Although we are still in crisis-mode, we are well on track to complete recovery," Nissan chief executive Carlos Ghosn told a press conference.

Nissan, which is 43.4 percent owned by French automaker Renault, last month announced a partnership with Germany's Daimler AG to exchange capital and share technological know-how in an effort to reduce costs.