Seiko Group reported first-quarter operating profit of ¥15.4 billion, up 88.8% year on year, and raised its full-year forecast to ¥41.0 billion. Profit is expected to increase on strong performance in the EVS and DS businesses, while the annual dividend was also raised to ¥105.
Seiko Group continued to move higher today following its sharp advance, extending the move seen after the earnings announcement. The stock has been bid up to a level close to the daily price-limit high.
First-quarter operating profit was ¥15.4 billion, an increase of 88.8% year on year. The full-year operating profit forecast was revised upward from the previous ¥33.5 billion to ¥41.0 billion, representing an expected increase of 32.8% from the previous fiscal year. Full-year consensus is estimated at approximately ¥35.0 billion.
The upward revision is believed to reflect substantial increases in revenue and profit in the EVS and DS businesses. The annual dividend was raised from ¥90 to ¥105.