Japanese automaker Nissan, reeling from the arrest of its former chairman, Carlos Ghosn, has seen annual profit nose-dive to less than half of what it earned in the previous year. It's forecasting even dimmer results going forward.

Nissan Motor Co. reported Tuesday that its profit for the fiscal year ended March was 319.1 billion yen ($2.9 billion), down from 746.9 billion yen in the previous fiscal year.

Yokohama-based Nissan said profit for the fiscal year through March 2020 will drop to 170 billion yen ($1.5 billion), as restructuring and product development expenses combined with currency-related losses and rising material costs slam earnings.

Ghosn, who led Nissan and its alliance with Renault SA of France for two decades, was arrested in November on financial misconduct charges. He says he is innocent.