Tokyo Energy & Systems (TYO:1945) raised its profit forecasts for the fiscal year ending March 31, citing cost reductions and one-time gains, according to a Wednesday bourse filing.

The engineering firm now expects consolidated profit of 2.9 billion yen from 1.5 billion yen previously, despite a slight 0.4% dip in sales to 67.7 billion yen from 68 billion yen initially.

The better profit forecast is mainly due to a 1.4 billion yen in actuarial gains from pension adjustments due to rising interest rates and derivative valuation gains from forex fluctuations.

On a non-consolidated basis, profit is projected at 2.7 billion yen from 1.3 billion yen, with no change to the 63 billion yen sales forecast.

Tokyo Energy & Systems' shares gained nearly 7% at market close.

Price (JPY): $1120.00, Change: $+71, Percent Change: +6.77%