Japanese trading house Itochu expects 10% higher profit this financial year

TOKYO (Reuters) – Japanese trading house Itochu on Wednesday forecast a 10% rise in its net profit to 880 billion yen ($5.8 billion) this financial year, from an estimated 800 billion yen a year earlier, and expected a shareholder return ratio of 50%.

Unveiling its new management plan for the 2024/25 financial year that started on April 1, the company – in which Warren Buffett’s Berkshire Hathaway holds a minority stake – said it aimed to pay a dividend of minimum 200 yen per share, up 40 yen from a year earlier.

It will also buy back its own shares worth about 150 billion yen.

The company’s results for the year ended March 31 and details of its forecast for the current year will be announced on May 8, it said in a statement.

Itochu also plans to invest up to 1 trillion yen in growth areas in the current year, it added.

($1 = 151.5400 yen)

(Reporting by Yuka Obayashi; Editing by Rashmi Aich)


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