Tomoe Engineering Co (TYO:6309) raised its earnings forecast for the fiscal year ending Oct. 31, with projected net income increasing to 4.4 billion yen from 4.2 billion yen.
The engineering firm's earnings per share (EPS) estimate was raised to 149.54 yen from 142.77 yen, according to a Tokyo bourse filing on Monday.
The net sales forecast was revised down to 62.9 billion yen from 63.2 billion yen due to delays in overseas machinery and equipment projects.
The profit improvements are primarily attributed to solid growth in industrial materials within the chemical products business and enhanced profitability in the machinery and equipment business.
Additionally, the company recorded extraordinary gains from the liquidation of a subsidiary in China and the sale of policy shareholdings.
As a result of these changes, the year-end dividend forecast was also revised upward to 40 yen per share from 36 yen initially.