Dentsu, the leading Japanese listed marketing group, surprised the industry this morning by upgrading its profit forecast for the year to 31 March 2010 by 44% from ¥11.4 million (£76 million) to ¥16.4 million (£110 million).
The increased profit is expected despite a continuing decline in revenues. “The harsh environment is expected to continue”, the company said, but it expected profits to benefit from cost reduction efforts.
In the first half year to 30 September, cost reduction efforts were supplemented by a refund of tax paid in previous years. As a result profits are expected to have beaten the previous forecast by 123%.
© Fintellect Ltd
BOB WILLOTT
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