(Adds Ghosn quote, details on debt, forex impact)
TOKYO, April 23 (Reuters) - Nissan Motor Co , the first major Japanese car maker to report annual results, posted a 51 percent rise in operating profit on Wednesday and forecast further growth powered by product launches in the key U.S. market for minivans and SUVs.
Nissan was hauled back from the brink of collapse by France's Renault four years ago to become Japan's most profitable car maker. Its rivals are also expected to report bigger profits, helped by cost cuts and brisk U.S. sales.
"Nissan's revival is a reality. Three years ago, our business was in accelerated decline. Today, we're not only back in the global race, we're among the pacesetters," Nissan President Carlos Ghosn told a news conference.
Japan's third-largest car maker said it expected operating profit to rise to 820 billion yen ($6.84 billion) this year as it benefited from the launch of high-margin models such as the Murano Sport Utility Vehicle (SUV), the Quest minivan and Infiniti FX45 luxury crossover in the key U.S. market.
But analysts said success hinges on the direction of the U.S. economy. If it slows, it could drag down demand as well as the dollar, creating bigger risks for Nissan because it is expanding its product line-up and output capacity there.
Worries have already begun to surface, with Nissan's U.S. sales down about six percent so far this calendar year.
Nissan said preliminary operating profit for the year to the end of March was 737 billion yen as revenues grew 11 percent to 6.85 trillion yen, thanks to strong sales of its new March sub-compact in Japan and its Altima sedans in North America.
That compared with a year-ago profit of 489.22 billion yen.
The result was roughly in line with the market's consensus forecast of 744 billion yen and above the company's projection of 720 billion yen.
Profits could also be vulnerable to a stronger yen, since Nissan is assuming a stable dollar rate of 120 yen for this year.
Nissan, owned 44.4 percent by Renault, is due to announce official full-year results on May 21.
Nissan shares closed at 888 yen on Wednesday, down around 10 percent over the last year.
The shares have outperformed the wider Tokyo market by over 30 percent in the past year as Nissan's performance has rebounded and as pension funds sought safety away from the troubled financial sector.
Nissan said the strong profits had eliminated its net automotive debt by the end of March, one year ahead of schedule.
It said it now had a positive cash position of 8.0 billion yen, compared with its 270.1 billion yen of debt at the end of September and a whopping 2.1 trillion yen before restructuring began in 1999. ($1=119.88 Yen)