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Non-Tech : Nissan Motors (NSANY)
NSANY 4.590-0.4%12:57 PM EST
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To: EPS who wrote (67)6/12/1998 6:47:00 AM
From: EPS   of 124
 
Nissan Motor Denies Report Capital Unit Had Big Derivatives Loss

Dow Jones Online News, Wednesday, June 10, 1998 at 05:19

TOKYO -(Dow Jones)- Nissan Motor Co. on Wednesday denied a report in
the monthly magazine "Sentaku" that one of the auto maker's units
suffered a huge derivatives loss.
The edition of the magazine that went on sale June 1 reported that
Nissan Capital America had a massive derivatives loss in the Southeast
Asian emerging markets, beginning with the large drop in the Indonesian
rupiah. Sentaku reported that this may have been why Nissan's (NSANY)
group earnings were in the red in the fiscal year ended March 31, even
though the rival Toyota Motor Corp. (TOYOY) and Honda Motor Co. (HMC)
each posted record group earnings due to the weaker yen.
Nissan Motor said Nissan Capital America is a fund-raising subsidiary
that only uses derivatives to hedge risks. Nissan said it has confirmed
with its accountants that based on U.S. accounting standards, Nissan
Capital America didn't have a derivative loss as described in the
Sentaku article.
Nissan Motor said it regularly inspects the trading of its
subsidiaries and also regularly reports to the board of directors the
outstanding amount of the company's derivatives trading.
On June 1 Nissan's shares fell amid rumors the company had a huge
derivative-related loss. At that time a Nissan spokesman denied the
rumor as "baseless."
Copyright (c) 1998 Dow Jones & Company, Inc.
All Rights Reserved.
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