Japan Stocks: Hino Motors, M3, Nippon Electric Glass, Orix, S.T.
Japan’s Nikkei 225 (NKY) Stock Average fell 74.03, or 0.7 percent, to 10,023.69 as of 10:30 a.m. in Tokyo. The following are among the most active shares in the Japanese market today. Stock symbols are in parentheses after company names.
East Japan Railway Co. (9020) (9020 JT), the nation’s largest train operator by sales, dropped 2.1 percent to 4,875 yen. The company will likely post a 28 percent drop in operating profit to about 250 billion yen ($3.21 billion) for the year ending in March 2012, the Nikkei newspaper reported without citing anyone. Profit from its transportation business is falling because of reduced operation of trains after the earthquake disaster in March, according to the report.
Hino Motors Ltd. (7205) (7205 JT), a maker of trucks and buses majority owned by Toyota Motor Co., declined 2.3 percent to 478 yen. The company forecast it will have 3 billion yen in net loss for the six months ending Sept. 30, compared with a profit of 5.84 billion yen a year earlier. It booked a 4.89 billion yen loss for the first quarter with a 21 percent drop in sales.
Koito Manufacturing Co. (7276 JT), a maker of lighting equipment for car, lost 2 percent to 1,352 yen. It booked a loss of 790 million yen for the quarter ended June 30, with a 20 percent drop in sales.
M3 Inc. (2413) (2413 JT), a medical-information service provider, surged 9.3 percent to 691,000 yen, a level not seen since January 2006. Net income jumped 63 percent to 1.1 billion yen as sales climbed 25 percent in the three months ended June 30, according to a statement to the Tokyo Stock Exchange. Revenue from its service to deliver medical information online to registered members increased, the company said in the document.
NTN Corp. (6472) (6472 JT), a bearing maker, retreated 1.3 percent to 461 yen. The company said it was probed by Japan’s Fair Trade Commission for possible infringement of anti-monopoly laws. NTN is cooperating with the investigation, according to a statement to the Tokyo Stock Exchange.
Nippon Electric Glass Co. (5214 JT), a glassmaker, sank 3.1 percent to 990 yen, set for the lowest close since September 2010. The company booked a 45 percent drop in first-quarter net income to 13.7 billion yen and projected profit for the six months to Sept. 30 will fall to between 26.5 billion yen and 29.5 billion yen from the previous year’s 42.5 billion yen. The company expects it will take a while for demand for glass used for electronic devices to recover and that glass demand for building materials will continue to be sluggish, according to a statement to the Tokyo Stock Exchange.
Orix Corp. (8591) (8591 JT), a financial services company, rose 2.1 percent to 8,440 yen. The company’s first-quarter net income jumped 44 percent to 23.7 billion yen, compared with a year earlier. Revenue during the period gained 6.2 percent.
S.T. Corp. (4951 JT), a maker of mothballs and aromatics, surged by 121 yen, or 14 percent, to 1,006 yen. The company will start selling radiation meters for household use in October, it said on its website.
Toshiba Corp. (6502) (6502 JT), an electronics maker, fell 2.2 percent to 410 yen. The company will likely post operating profit of between 2 billion yen and 3 billion yen for the April- June period, compared with a 29.4 billion yen profit a year earlier, the Nikkei newspaper reported without saying where it obtained the information. Falling factory utilization rates after the March earthquake hurt its profit, according to the report.
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