Japan's Itochu energy & chemicals' full-year profit falls 28%

01 May 2014 09:04 Source:ICIS News

TOKYO (ICIS)--Itochu Corp’s energy and chemicals segment posted a 28% decline in year-to-March net profit to yen (Y) 16.7bn ($163m), the Japanese trading firm said  on Thursday.

This was partly because of the deterioration in equity in earnings of associated companies, Itochu said in a statement.

Gross trading profit in the energy and chemicals segment for year ended 31 March 2014, however, rose by 6.9% to Y176.4bn partly due to higher transaction volumes of chemicals compared with the previous year, it said.

Itochu’s overall full-year net profit increased by 11% to a record Y310.3bn, while trading income, or operating profit, increased by 14% to Y279.1bn

Total trading transactions, or net sales, rose by 16% to Y14,566.8bn from the previous year.

In the textile segment, full-year net profit stood at Y32.5bn, up by 4.2% year on year, while gross trading profit increase 1.8% to Y131.2bn.

($1 = Y102.15)

By Tomomi Yokomura