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MarketScreener Homepage  >  Equities  >  Tokyo  >  Itochu Corp    8001   JP3143600009

ITOCHU CORP (8001)
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Itochu : Mitsubishi Corp profit hits record on higher coal prices, sees further growth

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05/08/2018 | 10:19am CEST
FILE PHOTO: The signboard of Mitsubishi Corp is pictured at its head office in Tokyo

TOKYO (Reuters) - Japanese trading house Mitsubishi Corp on Tuesday said its profit for the last financial year jumped 27 percent to record levels due to stronger prices for coking coal and other commodities, while forecasting another profit-rise this year.

Japanese trading houses have been enjoying their best profits in several years, driven by a rally in commodities from coking coal and base metals to oil and natural gas as well as stronger earnings in non-resource businesses.

Mitsubishi's results follow record earnings reported last week by its peer Itochu Corp. Mitsui & Co Ltd, Sumitomo Corp and Marubeni Corp also booked growth in annual profits on Tuesday.

Net profit for Mitsubishi, Japan's largest trading house by assets, for the year through March 31 came to 560.17 billion yen ($5.1 billion), beating its own estimate of 540 billion yen and a mean estimate of 546.54 billion yen among nine analysts surveyed by Thomson Reuters I/B/E/S.

The result surpassed its previous highest profit of 471.3 billion yen, reached in the year to March, 2008.

"We have fully capitalised on a rally in commodities," Mitsubishi Corp's Chief Financial Officer Kazuyuki Masu told a news conference, pointing to higher prices in coking coal, iron ore and copper.

Australian premium coking coal futures in Singapore had risen nearly 40 percent to around $218 a tonne by the end of March from about $157 a year earlier. They have since eased to around $187 a tonne.

Strong auto sales in Asia, where the company operates auto dealers, and solid performance in the firm's liquefied natural gas (LNG) business also supported profits, Masu added.

For the year that started in April, Mitsubishi forecast its net profit would grow 7 percent to a fresh record of 600 billion yen, above a mean estimate of 568.18 billion yen from nine analysts.

To reflect healthy earnings, Mitsubishi increased its annual dividend for the year ended March 31 to 110 yen per share from 80 yen a year earlier, while forecasting 115 yen for this year.

(Reporting by Yuka Obayashi and Aaron Sheldrick; Editing by Joseph Radford)

By Yuka Obayashi

Stocks mentioned in the article
ChangeLast1st jan.
ITOCHU CORP -1.22% 1898 End-of-day quote.-11.04%
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Financials (JPY)
Sales 2019 6 658 B
EBIT 2019 -
Net income 2019 461 B
Debt 2019 2 363 B
Yield 2019 4,05%
P/E ratio 2019 6,47
P/E ratio 2020 6,42
EV / Sales 2019 0,83x
EV / Sales 2020 0,82x
Capitalization 3 195 B
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 2 564  JPY
Spread / Average Target 33%
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Managers
NameTitle
Masahiro Okafuji Chairman & Chief Executive Officer
Yoshihisa Suzuki President, COO & Representative Director
Tsuyoshi Hachimura CFO, Director & Senior Managing Executive Officer
Fumihiko Kobayashi Director & Chief Administrative Officer
Tomofumi Yoshida Representative Director
Sector and Competitors
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ITOCHU CORP-11.04%28 904
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MITSUI & CO LTD-2.91%28 544
SAMSUNG C&T CORP--.--%20 802
SUMITOMO CORP-6.64%20 564
MARUBENI CORP7.96%14 280