Japan's ITOCHU H1 net profit down 23% in energy and chems segment

05 November 2013 08:59  [Source: ICIS news]

TOKYO (ICIS)--ITOCHU posted a 23% year-on-year decrease to yen (Y) 11.5bn ($117m) in its first-half net profit in the energy and chemicals segment, the Japanese trading firm said on Tuesday.

The drop in profit was because of impairment losses in US oil and gas development-related companies in the first quarter of the current fiscal year, the company said.

Operating profit in the energy and chemicals segment from April-September 2013 fell by 19% to Y20.0bn from the same period a year earlier, ITOCHU said in a statement.

Overall net profit of ITOCHU increased by 16% to Y165.1bn in the first half, with operating profit up by 6.5% to Y119.4bn, according to ITOCHU.

($1 = Y98.55)

By: Tomomi Yokomura
+65 6780 4359

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