Tokyo Electron Ltd. said it expects a net profit of 1 billion yen for fiscal 2004, instead of a projected net loss of 6 billion yen, which would mark TEL’s first net profit in three years, according to Dow Jones.

TEL also raised its estimate of pretax profits from 5 billion yen to 8 billion yen, raised yearly revenue projections from 465 billion yen to 495 billion yen, and raised equipment sales projections by 8% to 394 billion yen.

For 2Q04, TEL said net profit was down 66% from a year ago to 559 million yen, on slightly increased revenues of 133.64 billion yen. Net orders were 126.7 billion yen, up 62% from the previous quarter, and the first time in more than a year that they exceeded 100 billion yen.