Nitto Denko Shares Gain on 9-Month Profit, Forecast Increase
Stock Chart for Nitto Denko Corp (6988)
Nitto Denko Corp. rose the most in five months after it posted a higher nine-month profit and raised its full-year forecast on demand for film used in liquid- crystal displays panels and a weaker yen.
The stock rose 5.5 percent to 4,315 yen as of 10:28 a.m. on the Tokyo Stock Exchange, the biggest increase since Sept. 2. Osaka-based Nitto Denko has risen 13 percent this year, while the benchmark Topix index has increased 1.7 percent.
Net income is expected to be 58 billion yen ($707 million) in the year ending March, compared with a previous forecast of 50 billion yen, on increasing demand for touch panels used in smart phones and tablet PCs, Nitto Denko said yesterday in a statement after markets closed. The company also cited a weaker- than-expected yen for the increased forecast.
In the nine months ended Dec. 31, profit rose 44 percent from a year earlier to 45.2 billion yen. Sales increased 7.2 percent.
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