Denso Corp., the world’s biggest automotive parts maker by market value, posted a 14% rise in half-year profit on Tuesday on the back of brisk overseas sales by top customer Toyota Motor Corp., Reuters reported.
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The report said Denso, which gets just under a half of its revenues from Toyota, made a group operating profit of 91.62 billion yen ($US844.9 million) in the six months to September, compared to 80.1 billion yen a year before, and the profit easily beat an estimate of 83 billion yen by research firm Toyo Keizai.
Reuters said Denso did not provide a full-year operating profit forecast but boosted its recurring profit target for 2003-04 by 6.5% to 179 billion yen.
The news agency noted that Denso, 23.4% owned by Toyota, has also been boosting sales of car air conditioners, diesel fuel injection systems and car navigation systems to US vehicle makers including General Motors.
