TOKYO (Reuters) - Japan's Denso Corp (T:6902), the world's second-biggest maker of automotive parts, forecast a 7 percent rise in operating profit for the year ahead, citing an anticipated rise in Asian sales.
Denso, an affiliate of Toyota Motor Corp (T:7203), said on Tuesday it expected operating profit of 380 billion yen (2 billion pounds) for the year through next March, based on a dollar rate of 115 yen and a euro of 125 yen. Denso adopted international financial reporting standards (IFRS) from this year.
The expected rise in profit follows a 6.0 percent drop in the just-ended year to 355.1 billion yen, as higher labour and depreciation costs outweighed currency-related gains.