Toyota supplier Denso cuts full-year profit forecast by 21%
TOKYO (Reuters) -Japan's Denso, a leading supplier to Toyota, slashed its full-year operating profit forecast by 21% on Thursday, mainly due to less-favourable conditions in China and wider Asia, and said it would buy back some of its own shares. The company cut its operating profit forecast for the financial year to March 31 to 550 billion yen ($3.58 billion) from 692 billion yen, missing the average estimate of 672.2 billion yen, according to 16 analysts surveyed by LSEG. Denso said it plans to buy back up to nearly 10% of its shares, worth up to 450 billion yen, through October next year after some financial institutions had indicated an intention to sell the company's shares.