TOKYO (Reuters) – Japanese trading house Itochu Corp raised its full-year net profit forecast by 14% on Tuesday, citing rising coal prices, gains at local and foreign car dealerships and the impact of a stronger yen. weak.
Net profit for the year to March 31, 2023 is now projected at 800 billion yen ($5.5 billion), down from an earlier forecast of 700 billion yen.
The latest forecast beat an average estimate of 727.6 billion yen in a poll of nine analysts by Refinitiv.
Itochu also raised its annual dividend forecast by 10 yen to 140 yen per share. It also announced a plan to buy back its own shares of up to 0.7% of its outstanding shares, or up to 35 billion yen, from October 4 to January 31, 2023.
Shares of Itochu rose 6% at midday after the announcement, outperforming a broader Nikkei index, which rose 2.2%.
($1 = 144.8900 yen)