Japan's Itochu H1 net profit down 14.5% y/y, sets buy back

Japanese trading house Itochu on Monday posted a 14.5 per cent 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 per cent of its shares worth 75 billion yen, it added on Monday.