Shimadzu Shares Rise Sharply After Fiscal-Year Net Profit Rose 31%

By Kosaku Narioka

Shimadzu Corp. shares rose sharply on Wednesday morning after the Japanese precision-instrument maker posted a 31% rise in fiscal-year net profit and projected a further rise in the new fiscal year.

The shares were recently 7.5% higher at 4,645 yen after rising as much as 9.1% earlier.

Shimadzu said Tuesday after the market closed that net profit rose to 47.29 billion yen ($362.5 million) for the fiscal year ended March 31. It said revenue increased 8.8% from a year earlier to Y428.175 billion, driven by strong sales of analytical and measuring instruments in healthcare and manufacturing industries and academia.

Shimadzu said it aims to increase its market share in the pharmaceutical and clinical markets, especially in Europe and the U.S.

The company said sales of Covid-19 detection kits and automatic polymerase chain reaction testing systems also increased during the fiscal year ended March amid the pandemic.

Shimadzu said it expected revenue to rise 6.3% and net profit to increase 3.6% this fiscal year.

Write to Kosaku Narioka at [e-mail]

(END) Dow Jones Newswires

05-10-22 2236ET