Itochu ups FY profit forecast on higher coal prices, auto sales
FILE PHOTO: The logo of Itochu Corp is seen outside the company's headquarters in Tokyo, Japan, November 7, 2016. REUTERS/Toru Hanai/File Photo
TOKYO : Japanese trading house Itochu Corp raised its annual net profit forecast by 14 per cent on Tuesday, citing higher coal prices, gains from car dealership businesses locally and overseas and an impact from a weaker yen.
Net profit for the year to March 31, 2023 is now projected at 800 billion yen ($5.5 billion), against its earlier forecast of 700 billion yen.
The latest forecast beat a mean estimate of 727.6 billion yen in a poll of nine analysts by Refinitiv.
Itochu also boosted its annual dividend forecast by 10 yen to 140 yen per share. It also announced a plan to buy back its own shares up to 0.7 per cent of its outstanding shares, or worth up to 35 billion yen, from Oct. 4 to Jan. 31, 2023.
Shares in Itochu rose 6 per cent by mid-day after the announcement, outperforming a broader Nikkei index, which was up 2.2 per cent.
($1 = 144.8900 yen)
