Daihatsu Climbs as Earnings Beat Analyst EstimatesAnna Mukai
Daihatsu Motor Co., the minicar maker 52 percent owned by Toyota Motor Corp., advanced the most in more than two years in Tokyo trading as first-quarter profit beat analysts’ estimates.
The Osaka, Japan-based automaker gained 7.9 percent to 2,237 yen, its biggest increase since March 2011, at the 3 p.m. close of Tokyo trading. The benchmark Nikkei 225 Stock Average lost 1.1 percent.
Daihatsu’s net income in the three months ended June grew 13 percent to 23.3 billion yen ($233 million), beating the 20.4 billion yen average of analyst estimates compiled by Bloomberg. While Japan’s biggest minicar company maintained its forecast for the year ending March 2014, the carmaker said overseas volume sales grew 2 percent in the quarter, with stronger demand from Indonesia.
Helped by the weaker Japanese currency, earnings are rebounding at Toyota as well. Net income in the year ending March 2014 will likely grow to 1.66 billion yen, according to the average analyst estimate compiled by Bloomberg. Toyota will report its first-quarter earnings Aug. 2.