NTN Drops Most in 3 Months After Forecasting Full-Year Loss

Resource from: CBCC Likes:2932

Feb 01,2010

NTN Corp., a Japanese bearings maker, tumbled the most in three months in Tokyo trading after forecasting a full-year net loss. NTN fell 5.1 percent to 371 yen as of 9:22 a.m. on Tokyo Stock Exchange, the biggest drop since Nov. 2. The stock has fallen 11 percent this year, compared with 1.1 percent drop in the benchmark Topix index. The Osaka-based company cut its full-year earnings forecast to a loss after recovery in demand for bearings was weaker than expected. Net loss is expected to be 3.5 billion yen ($37 million) in the year ending March 31, down from a previous estimate of a 500 million yen profit, NTN said in a statement on Jan. 29. The company posted a 5.86 billion yen loss in the nine months ended Dec. 31, while sales fell 26 percent to 323.9 billion yen.

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