Japan’s Itochu H1 net profit down 14.5% y/y, sets buy back By Reuters

© Reuters. The logo of Itochu Corp is seen outside the company’s headquarters in Tokyo, Japan, November 7, 2016. REUTERS/Toru Hanai/File Photo

(Reuters) – Japanese trading house Itochu on Monday posted a 14.5% drop in six-month net profit but raised its full-fiscal year profit forecast on stronger non-resource business development expectations and weaker yen.

Itochu’s net profit to Sept. 30 was 412.90 billion yen ($2.8 billion), down from the same period last year on weaker coal and iron ore prices. It raised its net profit forecast for the year ending in March 2024 by 20 billion yen to 800 billion yen.

The company will buy back up to 1.2% of its shares worth 75 billion yen, it added on Monday.

($1 = 149.5600 yen)

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