Net income up 125% for Japan's Itochu Corp

ERJ staff report (LMH)

Tokyo, Japan - Itochu Corp. has said net income for the first quarter of fiscal 2012 was yen 90.3 billion (euro 818 million), up 125 percent from the same period last year.

And the company's adjusted profit for the three months ended 30 June was yen 82.8 billion, up 27 percent year-on-year, from yen 65.3 million.

Japanese company Itochu is involved in domestic and overseas trading of a variety of products including natural rubber, metals, energy and machinery.

In the chemicals, forest products and general merchandise segment, which includes natural rubber, net income for the quarter was yen 10.6 billion, up 5.1 percent year-on-year from 5.5 billion the previous year.

Itochu attributed the increase to strong market conditions and higher prices for natural rubber and chemicals.

For business as a whole, Itochu noted that Japan's economy had experienced “unavoidable sluggishness” due to the 11 March earthquake in the north east of the country, but it said that a trend towards recovery is emerging steadily.

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Press release from Itochu Corp