The firm now projects ¥180 billion (US$1.6 billion) in net profit for the fiscal year to March 2022, up from an earlier estimate of ¥60 billion.

Nissan’s last yearly net profit in the black was in 2018-19.

For the three months to September, Nissan logged a ¥54.1 billion net profit, reversing a ¥44.4 billion net loss for the same period last year.

“Our strong results are the outcome of diligent financial management, improved quality of sales and continuing product offensive. This has helped us withstand several headwinds,” Nissan CEO Makoto Uchida said in a statement.

The firm has faced a series of trials in recent years, including weak demand during Covid-19 lockdowns and the fallout from the arrest of former boss Carlos Ghosn, now a fugitive in Lebanon.

The company today revised down its full-year sales forecast to ¥8.8 trillion from ¥9.75 trillion, partially because of the impact of a semiconductor shortage plaguing auto firms worldwide.

Supply disruptions have compounded the mismatch between demand for and availability of chips, a key component in modern cars.

Nissan plans to slash its production by around 30% from its original plan in October and November because of the chip shortage, public broadcaster NHK reported.