Scandal-hit Nissan’s profits crash amid lower global sales

Tokyo: Japanese automaker Nissan says its July-September profit tumbled to half of what it earned the previous year as sales and brand power crumbled following the arrest of its former Chairman Carlos Ghosn.

Nissan Motor Co. reported Tuesday that its fiscal second quarter profit totalled 59 billion yen ($541 million), down from 130 billion yen.

Quarterly sales slipped nearly 7% to 2.6 trillion yen ($24 billion) as vehicle sales fell around the world, including the US, Europe and Japan.

Ghosn, arrested in November 2018, is out on bail. It’s unclear when his trial might start.

He faces various allegations, including under-reporting promised compensation in documents and breaching trust in making dubious payments.

Nissan was also charged. It reiterated its promise to improve governance, corporate culture and ethical standards.