Itochu Corp.'s metals and minerals segment posted a net profit attributable to shareholders of ¥57.1 billion for the first nine months of its fiscal 2018, compared to ¥24.72 billion profit recorded in the year-ago period.
The segment achieved a ¥27.1 billion increase year over year in gross trading profit in the first nine months of fiscal 2018 to ¥66.1 billion, thanks to higher prices for coal and iron ore as well as higher sales volume in iron ore business, the company said Feb. 2.
The segment's revenue increased to ¥163.2 billion, compared to ¥131.7 billion in the year-ago period.
Itochu said the group's profit jumped by 18.9% year over year to ¥357.1 billion as revenue rose 15.8% to ¥4.019 trillion.
In December 2017, Itochu increased its dividend forecast for fiscal 2018 on the back of higher profit expectations.
The company said it plans to declare an annual dividend of at least ¥70 per share in fiscal 2018, which ends March 31, compared to the previous forecast of ¥64 per share.
As of Feb. 1, US$1 was equivalent to ¥109.45.
