May 2, 2018 / 5:40 AM / 2 months ago

Japanese trader Itochu says annual profit jumps 14 pct to record

TOKYO, May 2 (Reuters) - Japanese trading house Itochu Corp on Wednesday said its annual net profit jumped 13.7 percent to a record level in the last financial year, boosted by higher coal prices and a strong performance in its food and retail operations.

The company also predicted another record-profit for the current financial year, which kicked off last month.

Itochu’s net profit for the year ended March 31 came to 400.33 billion yen ($3.7 billion), marking a record for the second straight year. That was in line with its own forecast of 400 billion yen, but fell short of a mean estimate of 432 billion yen among 9 analysts surveyed by Thomson Reuters I/B/E/S.

The results were affected by large one-off losses booked in the January-March quarter, including a 29 billion yen impairment loss on its stake in C.P. Pokphand Co. Ltd, a Hong-Kong listed agri-food company.

For the year until the end of March, 2019, Itochu predicted a net profit of 450 billion yen, beating a mean estimate of 431 billion yen among 9 analysts.

$1 = 109.7400 yen Reporting by Yuka Obayashi Editing by Joseph Radford

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