Mitsui & Co and Marubeni Report Divering Results, Suzuki Sales Rise 4.4%

Hiruki Nakamura
06 Nov, 2014
New York City

Market indexes in Japan rested after five-day rally and the yen weakened for the fourth day in a row. Kubota Corp, the maker of mining equipment, reported small increase in sales. Marubeni Corp and Mitsui & Co reported diverging first-half results

[R]4:30 PM Tokyo – Market indexes in Japan rested after five-day rally and the yen weakened for the fourth day in a row. Kubota Corp, the maker of mining equipment, reported small increase in sales. Marubeni Corp and Mitsui & Co reported diverging first-half results.[/R]

Market indexes rested in Tokyo trading and the yen extended losses to the fourth day against the dollar and the euro.

The Nikkei 225 Stock Average dropped 144.84 or 0.9% to 16,792.48 and the broader Topix index slumped 15.41 or 1.1% to 1,356.35.

The yen eased for the fourth day and closed at 114.60 against one dollar.

Stocks in Review

Dentsu Inc slumped 2% to 4,095 yen after the advertising company signed an agreement with U.K.-based major shareholder Fetch Media Limited, a mobile company to acquire an 80% stake in the company.

Kubota Corporation fell 1.3% to 1,736.50 yen after the farm equipment and construction machinery maker reported net sales in the first-half ending in September jumped 2.2% to 745.06 billion yen from 729.06 billion yen a year ago period.

Net income in the period declined 1.9% to 66.09 billion yen compared to 67.40 billion yen and diluted earnings per share decreased to 52.88 yen from 53.67 yen in the same period a year ago.

Marubeni Corporation rose 0.1% to 726 yen after the international trading company said net sales in the first-half ending in September soared 11.4% to 7.11 trillion yen from 6.38 trillion yen a year ago period.

Net income in the period surged 32% to 204.32 billion yen compared to 154.78 billion yen and diluted earnings per share jumped to 75.07 yen from 64.40 yen in the same period a year ago.

Marubeni forecasted net sales for the year to jump 4.9% to 14.30 trillion yen and profit for the year climb 7.8% to 230 billion yen compared to same period a year ago.

Mitsui & Co Ltd decreased 1.8% to 1,641 yen after the trading company reported revenues in the first-half ending in September declined 4.1% to 2.75 trillion yen from 2.86 trillion yen a year ago period.

Net income in the period climbed 8.7% to 232.87 billion yen compared to 214.26 billion yen and diluted earnings per share increased to 124.20 yen from 111.60 yen in the same period a year ago.

Suzuki Motor Corp slipped 1.2% to 3,726.50 yen after the automaker with large presence in India said net sales in the first-half ending in September climbed 4.4% to 1.43 trillion yen from 1.37 trillion yen a year ago period.

Net income in the period jumped 4.4% to 53.95 billion yen compared to 51.65 billion yen and diluted earnings per share rose to 96.14 yen from 92.06 yen in the same period a year ago.

Sankyo Co., Ltd declined 1.6% to 3,930 yen after the pinball machinery maker net sales in the first-half ending in September tumbled 64.8% to 36.84 billion yen from 104.67 billion yen a year ago period.

Net in the period swung to a loss of 4.16 billion yen compared to profit of 21.08 billion yen and diluted loss per share swung to 44.53 yen from earnings per share of 225.52 yen in the same period a year ago.

Takata Corporation slipped 1.4% to 1,527 yen after the automobiles safety products maker booked a 49.9 billion yen special loss for the first-half ending in September and revised its forecast to loss of 25 billion yen for the year ending in 2015.

Takata charged in the period 49.9 billion yen and total worldwide recalled vehicles to replace defective air bags reached to 12 million.

The company already had set aside 75 billion yen or nearly $600 million.