May 14 (Bloomberg) -- Nissha Printing Co., a Japanese maker of film for screens used in mobile phones and other electronic devices, tumbled the most in more than a year after forecasting a lower annual profit.
The stock dropped 12 percent to 2,769 yen as of 10:10 a.m. on the Tokyo Stock Exchange, headed for the biggest decline since Jan. 26, 2009. Kyoto-based Nissha Printing has fallen 38 percent this year, compared with a 2.8 percent gain in the benchmark Topix index.
Net income is expected to decline 39 percent to 4.2 billion yen ($45 million) in the year ending March 2011, Nissha said yesterday after markets closed. The average estimate of 11 analysts is for 7.7 billion yen, according to Bloomberg data.
“Demand may recover this year but momentum is lacking,” Nissha said in a statement. “By concentrating on pricing and cost-cutting, we will try to achieve double-digit profit growth in the year starting April 2011.”
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