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Nissan heads for first net profit in three years

Japanese automaker vows 5% operating margin for fiscal 2023

TOKYO -- Increased performance estimates prompted Nissan Motor to revise its earnings projection upward on Wednesday to a net profit of 60 billion yen ($548 million) despite lingering risks of chip shortages and increased pressure from price hikes for raw materials.

This yearly result, if made, would mean the first net profit for the Japanese automaker since the fiscal year through March 2019 as Nissan streamlines its business, parting from former Chairman Carlos Ghosn's aggressive expansion strategy.

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