Nippon Rietec (TYO:1938) raised the full-year earnings forecast for the fiscal year ending March 31 to 4.70 billion yen from 3.58 billion yen previously, according to its Tokyo Bourse filing last Friday.

The revision was due to the anticipation of increased net sales due to steady progress in construction backlogs and an improved cost of sales ratio from efficient construction and price negotiations.

Net sales are expected to come in at 68.6 billion yen, up from 66.2 billion yen.

Similarly, the non-consolidated earnings forecast has also been revised upward for the same reasons.

The dividend forecast for the fiscal year ending March 31 will be determined after the finalization of financial results, in accordance with its shareholder return policy.

Nippon Rietec shares closed 6% higher on Monday.

Price (JPY): $1616.00, Change: $+95, Percent Change: +6.25%