Dow Jones Newswires: Fujitsu shares rise sharply after projecting 53% rise in fiscal-year net profit

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Fujitsu Ltd.’s shares 6702, +5.03% rose sharply Monday morning after the company projected a 53% rise in fiscal-year net profit and announced a share buyback program.

The shares were recently 4.5% higher at 19,530 yen after rising as much as 11% earlier.

The Japanese electronics and information-technology services company said Thursday after the market closed that it expected net profit to rise 53% to 280.00 billion yen ($2.16 billion) for the fiscal year that started in April. Operating profit from its IT services is projected to more than double, thanks to higher revenue and cost cuts.

Japanese markets were closed Friday for a national holiday.

Fujitsu also announced a buyback program that may repurchase up to 6.1% of its outstanding shares by the end of this fiscal year. Fujitsu said it may spend up to Y150.0 billion for the program.

Fujitsu’s net profit fell 9.9% for the fiscal year ended March, as revenue declined 0.1% to Y3.587 trillion.

The Topix subindex for IT and communication companies was recently 0.9% lower and the Nikkei Stock Average NIK, -0.11% was down 0.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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