Breaking News

Tweet TWEET

Ulvac Tumbles Most Since Listing After Posting Loss on Quake

Ulvac Inc. (6728) shares had the biggest drop since its listing in 2004 after the maker of solar cells and vacuum components said it probably posted its first loss in two years because of earthquake damage.

The stock plunged 19 percent to 1,429 yen at the 3 p.m. close on the Tokyo Stock Exchange, the steepest slide since its listing in April 2004. The company declined the most on the Topix index, which slid 0.8 percent.

The Kanagawa-based company may report a net loss of 8.7 billion yen ($112 million) for the year ended June 30, compared with a profit of 2.1 billion yen a year earlier, according to a preliminary earnings statement yesterday. Costs related to damage from Japan’s March earthquake and depreciation charges hurt results, according to the statement.

The company forecast a 400 million yen profit on Feb. 10 and withdrew the forecast after the quake. The company plans to announce its earnings on Aug. 11.

Ulvac shares have lost 33 percent this year, compared with the Topix index’s 6.4 percent drop.

To contact the reporter on the story: Akiko Ikeda in Tokyo at iakiko@bloomberg.net.

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.