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Musical instrument maker Yamaha Corporation jumped on Tuesday after forecasting record operating profit for the fiscal year to March 2018.

Yamaha forecast operating income to increase by 9.5 per cent to ¥48.5bn ($433m) over the twelve months to March 2018 and expects net profit for to fall by 16.5 per cent year on year to ¥39bn. It expects net sales to increase by 4.6 per cent to ¥427bn.

Yamaha said net profit soared 43.2 per cent to ¥46.7bn in the twelve months to March and operating income rose 8.9 per cent year on year to ¥44.3bn.

The company said sales of upright pianos in China and grand pianos in Europe were higher than the previous year while sales of medium-to-high priced guitars in China showed “marked expansion”. Net sales during the period fell 6.3 per cent from a year ago to ¥11.1bn owing to the negative effects of currency fluctuations and the transfer of its music school business.

Yamaha shares jumped as much as 17.5 per cent easing to be up 16 per cent at ¥3590.00 a share, making it the third-best performing stock on the Topix index. The Topix was up 0.7 per cent.

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