By Kosaku Narioka
Daifuku Co. shares rose sharply Monday morning after the warehouse-equipment maker posted a 11% rise in its fiscal-year net profit thanks to growing demand related to e-commerce and semiconductor production.
The shares were recently 10% higher at 8,080 yen after rising as much as 12% earlier.
Daifuku said after the market closed on Friday that net profit rose to Y35.88 billion ($277.7 million) for the fiscal year ended March. Revenue increased 8.1% to a record Y512.27 billion as increased demand for equipment used in semiconductor factories and a rise in e-commerce boosted sales of equipment for warehouses in Japan.
Daifuku expects both revenue and net profit to rise 10% this fiscal year.
The Topix subindex for machinery makers was recently 1.0% higher and the Nikkei Stock Average was up 0.4%.
Write to Kosaku Narioka at email@example.com
(END) Dow Jones Newswires