Toyota and Mitsubishi Corp Net Soar

Hiruki Nakamura
08 May, 2014
New York City

Stocks rebounded in Tokyo and investors shifted attention to domestic earnings. Toyota reported fiscal year sales increased 16.4% and net income soared 90%, Mitsubishi Corp net soared 23% and Nintendo annual net swung to a loss.

[R]4:30 PM Tokyo – Stocks rebounded in Tokyo and investors shifted attention to domestic earnings. Toyota reported fiscal year sales increased 16.4% and net income soared 90%, Mitsubishi Corp net soared 23% and Nintendo annual net swung to a loss.[/R]

Market indexes in Tokyo rebounded and investors shifted attention to domestic earnings.

Toyota reported fiscal year sales increased 16.4% and net income soared 90%, Mitsubishi Corp net soared 23% and Nintendo annual net swung to a loss.

The Nikkei 225 Stock Average gained 130.33 or 0.9% to 14,163.78 and the Topix index rose 8 to 1,160.01.

The yen closed at 101.77 against the U.S. dollar.

China’s Trade Surplus Rebounds

China’s April trade surplus rose to $18.46 billion.

Exports increased 0.9% from a year ago to $188.54 billion and imports rose 0.8% to $170.09 billion, General Administration of Customs reported today.

The trade activities picked up after imports slumped 11.3% to $162.4 billion and exports fell 6.6% to $170.1 billion resulting in trade surplus of $7.7 billion.

China, reported its first trade deficit in 11 months of $23 billion in February.

Stocks in Review

Toyota Motor Corp added 17 yen to 5,528 yen after the largest Japan-based automaker reported net revenue in the year ending in March climbed 16.4% to 25.69 trillion yen from 22.06 trillion yen a year ago.

Net income in the year soared 89.2% to 1.82 trillion yen compared to 962.1 billion yen a year earlier.

The global automaker added increase in operating profit was driven by currency fluctuations of 900 billion yen, cost reduction efforts of 290 billion yen and marketing activities of 180 billion yen.

Operating income from Japanese operations jumped by 933.8 billion yen to 1.51 trillion yen.

Consolidated vehicle sales in the year totaled 9,116,033 units, an increase of 245,369 units from a year ago.

Toyota added vehicle sales in Japan totaled 2,365,410 units, an increase of 86,614 units. Vehicle sales in North America, totaled 2,529,398 units, an increase of 60,594 units. In Europe, vehicle sales totaled 844,003 units, an increase of 44,918 units and vehicle sales in Asia region totaled 1,608,355 units, a decrease of 75,223 units.

Honda Motor Co slid 17 yen to 3,354 yen. Nissan Motor Co Ltd rose 0.5% to 862 yen.

Sony gained 6 yen to 1,766 yen.

Softbank Corp slipped 121 yen to 7,299 yen. Fast Retailing Co Ltd jumped 615 yen to 31,565 yen.

Mitsubishi Corporation climbed 6.5% to 1,938 yen after the Japan-based trading company reported net sales in the year ending in March soared 8.6% to 21.95 trillion yen from 20.21 trillion yen a year ago.

Net income in the year surged 23.5% to 444.79 billion yen compared to 360.03 billion yen and diluted earnings per share jumped to 269.31 yen from 218.18 yen a year earlier.

Nintendo Co., Ltd fell 0.7% to 10,595 yen after the Japan-based game machines and software maker reported net sales in the year ending in March jumped 10% to 571.73 billion yen from 635.42 billion yen a year ago period.

Net in the year swung to a loss 23.22 billion yen compared to a profit of 7.10 billion yen and loss per share swung to a 183.59 yen from earnings per share of 55.52 yen a year earlier.

The gaming company forecasted net sales for the fiscal 2015 of 590 billion, operating income of 40 billion yen and net income of 20 billion yen.

Takeda Pharmaceutical Co Ltd jumped 1.8% to 4,637 yen after the Japan-based pharmaceutical company reported net sales in the year ending in March climbed 8.6% to 1.69 trillion yen from 1.56 trillion yen a year ago.

Net income in the year tumbled 27.3% to 109.56 billion yen compared to 150.70 billion yen and diluted earnings per share declined to 134.95 yen from 188.17 yen a year earlier.

Toshiba Corporation gained 1% to 394 yen after the Japan-based electronics and digital equipment maker said net sales in the year ending in March surged 114% to 6.50 trillion yen from 5.73 trillion yen a year ago period.

Net income in the year plunged 34.3% to 50.8 billion yen compared to 77.4 billion yen and basic earnings per share dropped to 12 yen from 18.27 yen a year earlier.

The Nikkei newspaper said today that Toshiba intends to acquire Alstom''s power grid business for ""several hundred billion yen"", if the U.S.-based General Electric Co completes its planned purchase of Alstom''s energy business.