Nachi-Fujikoshi Drops After Bearing Maker Posts Loss

Resource from: CBCC Likes:2927

Oct 30,2009

Nachi-Fujikoshi Corp. fell to the lowest level in more than two months in Tokyo trading after the bearing maker reported a nine-month loss and plunging sales. Nachi-Fujikoshi dropped 3.7 percent to 180 yen as of the close on the Tokyo Stock Exchange, the lowest since July 21. The benchmark Nikkei 225 Stock Average fell 0.6 percent. The company had a net loss of 7.25 billion yen ($80.9 million) for the nine months ended Aug. 31, compared with 7.14 billion yen profit a year earlier, it said in a release on Oct. 2. Sales in the period fell by 49 percent as demand slumped for machine tools and construction machinery, the statement said. Tokyo-based Nachi-Fujikoshi needs 774 million yen in operating profit in the current fiscal quarter to meet its full- year target. “It’s a very high hurdle,” Mitsuyuki Odaira, an analyst at Tokai Tokyo Securities Co., said today by telephone. The company may widen its operating loss outlook for the year, Odaira said. “There’s no such thing as magic for earning a profit.”

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