Nippon Electric Glass Falls in Tokyo on Outlook for Profit Drop
January 30, 2012, 5:03 PM ESTBy Kazuyo Sawa
Jan. 30 (Bloomberg) -- Nippon Electric Glass Co. fell the most in three months in Tokyo trading as slowing economic growth, especially in Europe, and a stronger yen prompted the maker of glass for TVs and cameras to forecast a drop in profit.
Net income in the year ending March 31 will be as low as 28.5 billion yen ($371 million), 59 percent less than a year earlier, the company said in a statement after markets closed in Tokyo on Jan. 27. The company’s forecast range of 28.5 billion yen to 31.5 billion yen is less than the 34 billion yen average of 16 analyst estimates compiled by Bloomberg.
The shares dropped as much as 10 percent to 668 yen, the biggest intraday decline since Oct. 27, and traded at 670 yen as of 11:04 a.m. on the Tokyo Stock Exchange. The benchmark Nikkei 225 Stock Average declined 0.6 percent.
--Editors: Dave McCombs, Terje Langeland
To contact the reporter on this story: Kazuyo Sawa in Tokyo at ksawa3@bloomberg.net
To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net
