Nissan Motor Co., Ltd., announced that consolidated net income after tax totaled 52.8 billion yen (US $505 million, euro 323 million) in the first quarter of fiscal year 2008, ending March 31, 2009, down 42.8% compared with the same period a year ago. The drop in net income is due mainly to a reduction in operating profit driven by the 54.7 billion yen negative impact of foreign exchange rates and provisions booked for residual value risk on leased vehicles in the U.S. and Canada for 2008, 2009 and 2010, amounting to 42 billion yen.