Japan's TDK to beat H1 profit forecast-Nikkei
TOKYO Oct 13 (Reuters) - Japan's TDK Corp (6762.T) will likely beat its first half profit forecasts thanks to a recovery in orders for hard drive heads and strong shipments of components for flat TVs and mobile phones, the Nikkei business daily reported on Saturday.
TDK is expected to post a group net profit of 38 billion yen
($323.2 million) for the April-September period, up 28 percent from a year earlier and 2 billion higher than its earlier forecast, the newspaper said.
The company's earnings have been bolstered by a recovery in orders for magnetic heads used in computer hard disk drives as well as robust shipments of electronics components used to make flat panel televisions and cell phones, the newspaper said.
High interest rates in Europe and the U.S. also boosted its interest income from foreign currency deposits, the paper said.
The company's first half sales are expected to come to about 426 billion yen, little changed from the first half last year but 3 billion yen above its earlier forecast, the newspaper said.
TDK's operating profit climbed 20 percent to around 46 billion yen during the period, 1 billion yen above its estimate, the daily said.
TDK will leave its full year earnings projections unchanged, with operating profit seen rising 13 percent to 90 billion yen and net profit seen up 3 percent to 72 billion yen, the Nikkei said.
((Reporting by Chikafumi Hodo and Nathan Layne, editing by Tomasz Janowski; Reuters Messaging: firstname.lastname@example.org; +81-3-3432-8785; email@example.com))
($1=117.59 Yen) Keywords: JAPAN TDK/EARNINGS
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