Sanrio Co.
8136,
shares rose sharply Monday morning after the owner of Hello Kitty posted strong first-half earnings and raised its full-year guidance.
The company’s shares were recently 15% higher at 4,545 yen after rising as much as 18% earlier.
Sanrio said Friday after market close that net profit rose 54% to Y3.01 billion ($20.5 million) for the six-month period ended Sept. 30 from Y1.95 billion a year earlier.
The company said first-half revenue climbed 29% to Y30.63 billion thanks to the signing of more licensing agreements of its characters both at home and abroad. The company said it was also able to operate stores and theme parks normally without COVID restrictions during the summer, leading to sharp gains in the number of visitors.
Sanrio raised its revenue and net-profit projections for the year ending March 31. It expects revenue to rise 18% to Y62.30 billion and net profit to increase 17% to Y4.00 billion.
This post was originally published on Market Watch
