(MENAFN- AFP) Japan's Nissan said Friday that its annual net profit had barely moved from a year earlier despite market conditions that helped rivals Toyota and Honda book soaring profits.The pair logged huge gains largely owing to a sharply weaker yen and cost-cutting that helped inflate their bottom line.Nissan, part-owned by France's Renault, has also benefited from the yen's decline with its fourth-quarter earnings jumping from the weaker currency.But its heavy exposure to China, the world's biggest vehicle market, and recession-riddled Europe dented results.Japan's automakers suffered from a diplomatic row between Tokyo and Beijing that sparked huge riots across China and a damaging consumer boycott of Japanese brands."Fiscal 2012 was marked by both successes and challenges for Nissan," Chief Executive Carlos Ghosn said."We ended the year with a sound balance sheet, record global sales, an improved brand, and an expanded presence in critical growth markets."But Nissan's sales to China, which make up almost one-quarter of total sales, far higher than its domestic rivals, fell 5.3 percent on-year to 1.18 million vehicles, it said.Sales in Europe including the key Russian market and in Japan slipped from a year earlier with strong demand in the United States and emerging markets including Thailand and Brazil picking up the slack, Nissan said."Compared with its rivals, Nissan faces several uncertain factors, including its relations with Renault, the electric vehicle strategy and the China issue," said Tatsuya Mizuno, auto analyst with Mizuno Credit Advisory.Nissan has struggled to boost sales of its LEAF electric vehicle.Overall, Nissan said it sold a record 4.91 million units globally in the past fiscal year, up 1.4 percent, as it rolled out a string of new models.It posted a net profit of 342.4 billion yen ($3.4 billion) on sales of 9.63 trillion yen for the fiscal year ended in March.Japan's number-two automaker -- which posted a slightly lower 341.43 billion yen net profit a year earlier -- said it expected earnings to rise almost 23 percent to 420 billion yen this year.A weakening yen has helped make Japan's exporters more competitive overseas and inflated the value of their foreign income, boosting profits.The benefit of currency fluctuations appeared likely to continue as the dollar soared past 100-yen in US forex trading Thursday, a level last seen more than four years ago.The dollar hit a record low around 75 against the Japanese currency in late 2011, setting off howls of complaints from Japanese manufacturers.Nissan shares were up 3.0 percent to 1,063 yen in Tokyo on Friday, before its latest results were published.
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