UPDATE: Nissan Posts Higher Quarterly Profit

Nissan Motor Co

reported a 4.8% rise in its quarterly profit. Nissan's net profit surged to 114.9 billion yen ($1.1 billion) in the latest quarter, versus a year-ago profit of 109.7 billion yen. However, analysts were expecting a profit of 97.1 billion yen. Its sales jumped more than 20% to 3.2 trillion yen ($31 billion). In China, Nissan's sales rose 17% to 1.27 million vehicles for the fiscal year ended March 2014, while its sales in the US jumped 13% to 1.29 million vehicles. In Japan, Nissan's sales climbed 11% to 719,000 vehicles. In the fiscal year ended March, Nissan sold 5.2 million vehicles in the world. For the fiscal year ended March 2015, it projects to sell 5.65 million vehicles. For the year ending March 2015, Nissan expects a net profit of 405 billion yen ($3.98 billion), versus analysts' estimates of 425.4 billion yen. Nissan shares gained 1.06% to close at $17.20 on Friday.