Chiyoda Corporation moved into positive territory in afternoon trading. It is reported to have raised its full-year earnings forecast, supported by progress on energy-sector projects.
Chiyoda Corporation attracted buying in afternoon trading and revised its full-year earnings forecast upward. In conjunction with the announcement of cumulative quarterly results, revenue was raised from ¥340 billion to ¥400 billion, operating profit from ¥10 billion to ¥26.5 billion, and net income from ¥12 billion to ¥28 billion.
The revisions appear to reflect progress on energy-sector projects and higher utilization rates, as well as lower downside risks to earnings resulting from the situation in the Middle East. For the interim period ended September, revenue was ¥180.856 billion, operating profit was ¥16.126 billion, and net income was ¥18.024 billion.
The company explained that the full-year forecast increase was driven by progress on energy-sector projects and improved operations, with future developments now a focus of market attention.