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Mitsubishi Pencil saw record profit for January-June

TOKYO -- Mitsubishi Pencil apparently booked a 5 billion yen ($48.9 million) operating profit in the January-June half, a record for the six-month period, on strong sales of its Jetstream pens.

     Operating profit increased 20% on the year and surpassed the predicted figure of 4.4 billion yen.

     Sales likely rose 7% to 30 billion yen, topping the forecast of 29.5 billion yen.

     The company's mainstay Jetstream pen enjoyed increased sales both in Japan and abroad. By strengthening its production capacity, the company pushed up exports of the multicolored pens which were not easily available overseas.

     Corporate orders of pens with company logos also recovered. The spread of tablet devices boosted demand for a Jetstream variety with a built-in stylus as well.

     The negative impact from the consumption tax hike has been easing since May, and domestic demand shows signs of improvement. However, because of uncertainty in its overseas markets, Mitsubishi Pencil will likely stick to its initial estimates of a 2% increase in operating profit to 8.6 billion yen for the full year through December.

(Nikkei)

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