Ito En shares fall as profit plunges
The shares of Ito En Ltd., Japans largest manufacturer of green tea beverages, fell as much as 16 percent in Tokyo after a severe dip in company's profits. The shares lost 273 yen ($2.52) after the company reported a net income of 1.08 billion yen - a drop of 59 percent - for the three months ending on July 31. It cited higher costs for promotions and plastic bottles, as well as slowing sales of vegetable drinks. The stock has declined 33 percent in 2008, compared with a 19 percent drop in the benchmark Topix index in the same period.