Toyota-affiliated supplier Denso Corp. raised its profit forecast for the first half of its fiscal year, citing larger-than-expected monetary gains from a weaker yen and increased overseas production of auto parts.
Denso now expects an operating profit of 170 million yen ($ 1.37 billion) for the April-September period, up slightly from its previous forecast of 160 million yen.
Denso shares rose as much as 5.2 percent after the news, also helped by the company's plan to repurchase up to 0.6 percent of its own shares, worth 30 billion yen.
Denso said operating profit in April-June rose 5.5 percent to 86.658 billion yen, helped by currency gains of 18.5 million yen. Denso adopted international financial reporting standards
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