Fastener Toolmaker Estic Corp. Posts Profit Jump
Fastener Toolmaker Estic Corp. Posts Profit Jump
Jason Sandefur
Electric fastener toolmaker Estic Corp. of Japan increased net profit 28.6% to JPY 294 million (US$2.59 million) for fiscal 2005, which ended on March 31, 2006. Annual revenue rose 21% to JPY 2.5 billion (US$22.03 million), while operating profit grew 22% to JPY 499 million (US$4.4 million).
Estic said good investments by the automobile industry domestically and internationally boosted orders and production, while favorable currency shifts and cost cuts enhanced profits.
Estic projected a 20% increase in revenue to JPY 3 billion (US$26.43 million) during fiscal 2006, and net profit is expected to grow more than 21% to JPY 357 million (US$3.15 million).
In January 2006 Estic raised more than JPY 700 million (US$6.2 million) through an IPO on the Tokyo Stock Exchange. Web: estic.co.jp �2006 FastenerNews.com
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