Toyota supplier Denso cuts profit forecast

Denso lowered its full-year operating profit forecast to 420 billion yen (US$3.26bil or RM13.9bil) for the year to end-March, from 480 billion yen (RM15.9bil) expected previously. — Reuters

TOKYO: Japan’s Denso Corp, a leading supplier to Toyota Motor Corp, slashed its annual operating profit forecast by 12.5%, missing analysts’ estimates, as it warns a chip shortage could cause auto production cuts.

The company, a major manufacturer of automotive parts and chips, lowered its full-year operating profit forecast to 420 billion yen (US$3.26bil or RM13.9bil) for the year to end-March, from 480 billion yen (RM15.9bil) expected previously.