NSK Rises Most in 5 Years on Higher Profit Outlook

Resource from: CBCC Likes:2948

Nov 02,2007

NSK Rises Most in 5 Years on Higher Profit Outlook NSK Ltd. climbed the most in almost five years in Tokyo trading after Japan's largest maker of bearings raised its profit forecast on demand from carmakers and industrial machinery makers. The stock gained 12 percent to close at 1,128 yen on the Tokyo Stock Exchange, its biggest rise since Nov. 5, 2002. NSK had the biggest gain on the Morgan Stanley Capital International World Index. Earnings are growing on demand for parts used in Japanese- made cars, the Tokyo-based company said yesterday. Sales of bearings for industrial machinery in Europe, China and India are also contributing to profit. NSK raised its net income forecast 5.1 percent to 41 billion yen ($355 million) for the year ending March 31. Despite unclear factors, such as the slowdown in the U.S. economy, higher oil prices and raw material costs, demand for bearings for industrial machinery and car-related products is high,' NSK said in a statement. NSK shares have fallen 3.8 percent this year compared with a 2.7 percent decline in the benchmark Topix index.

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