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Itochu's mining segment net profit surges on higher iron ore, coal prices, sales

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Itochu's mining segment net profit surges on higher iron ore, coal prices, sales

Itochu Corp.'s metals and minerals segment posted net profit attributable to the company of ¥21.1 billion in the first quarter of its fiscal 2018, up from ¥8.38 billion a year ago.

The net profit increased on the back of higher iron ore and coal prices, higher sales volume in iron ore-related business and dividends from coal-related investments, according to an Aug. 4 release.

The segment's revenues increased to ¥54.8 billion in the quarter that ended June 30, compared to ¥37.16 billion in the year-ago period.

Gross trading profit for metals and minerals increased to ¥24.42 billion in the quarter, from ¥11.13 billion in the prior-year quarter.

Trading income for the quarter surged to ¥20.15 billion, compared to ¥6.79 billion in the year-ago quarter.

Itochu's overall net profit attributable to the company jumped 48% year over year to ¥108.19 billion, or basic earnings of ¥69.46 per share.

Revenue for the company increased 10.1% on a yearly basis to ¥1.219 trillion.

For full fiscal 2018, Itochu expects net profit to increase 13.6% year over year to ¥400.00 billion, or ¥257.89 per basic share, revenue to increase 19.9% to ¥5.800 trillion, and trading income to improve 6.4% to ¥307.00 billion.