NISSAN has announced it is set to reveal disastrous results for the year to the end of March in its home market - although worldwide sales will claw back some of its huge losses. The manufacturer is predicting first-quarter losses for the year of about £182million compared to an expected £52million in its Japanese car division.

Globally, however, losses are expected to be in line with expectations at £156million thanks in part to strong European performance. Nissan has denied as speculation reports that its chairman Nissan Yoshifumi Tsuji, will resign amid continuing worries over financial performance. It is currently planning to sell off several non-core divisions in a bid to stem the level of losses.

The worries come a month after French manufacturer Renault announced it would be investing billion of pounds in an alliance with Nissan. However, Renault said the expected losses were within the range of estimates it made in determining the conditions of its equity stake in Nissan. Nissan is due to announce its finalised results in May.