TOKYO : Japan’s Denso, a leading supplier to Toyota, slashed its full-year operating profit forecast by 21 per cent on Thursday after its second-quarter profit missed analysts’ expectations.
The company cut its operating profit forecast for the financial year to March 31 to 550 billion yen ($3.58 billion) from 692 billion yen, missing the average estimate of 672.2 billion yen, according to 16 analysts surveyed by LSEG.
Operating profit for the July-September period rose 11 per cent to 130.7 yen, versus 136.5 billion yen estimated on average by seven analysts. A year earlier, the company earned 117.4 billion yen in profit.
($1 = 153.5000 yen)