Japan’s ITOCHU first-quarter chemicals net profit more than doubles

01 August 2011 09:08  [Source: ICIS news]

TOKYO (ICIS)--Japanese trading firm ITOCHU said on Monday its first-quarter net profit for chemical products more than doubled to yen (Y) 6.2bn ($80.5m) from Y2.8bn in the corresponding period a year earlier, on increased operating profit.

The company’s operating profit for the three months to 30 June for chemicals rose by 30% to Y5.7bn from Y4.4bn year on year because of the increases in the prices of natural rubber and chemicals. Its gross trading profit increased by 7.4% to Y16bn from Y14.9bn, the company said.

ITOCHU’s overall net profit in the first quarter more than doubled to Y90.3bn from Y40.2bn the same time the previous year, while trading income rose by 10% to Y51.9bn from Y47.2bn.

Its total trading transactions rose by 4.8% to Y2,861.4bn from Y2,730bn.

($1 = Y77.05)

By: Tomomi Yokomura
+65 6780 4359

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