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