HomeBusinessItochu CFO says revised profit f'cast mostly due to commodity prices

Itochu CFO says revised profit f’cast mostly due to commodity prices

TOKYO : Itochu Corp’s upwardly revised internet profit estimate of 820 billion yen ($7.2 billion) for the present yr is mostly due to surging commodity prices, its chief monetary officer mentioned on Thursday, a sign such efficiency was unsustainable.

The Japanese buying and selling home had beforehand lifted its annual profit forecast for the present monetary yr to March 31 to a report 820 billion yen from 750 billion yen.

However, present commodity prices are in an “abnormal or bubble” stage and are anticipated to face corrections in across the center of the subsequent monetary yr, CFO Tsuyoshi Hachimura mentioned.

($1 = 114.4800 yen)

(Reporting by Yuka Obayashi; Editing by Sam Holmes)

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