August 4, 2017 / 4:41 AM / a year ago

REFILE-Japan's Itochu Q1 profit rises 48 pct on higher coal and iron ore prices, food business

(Refiling to remove ‘house’ from headline)

TOKYO, Aug 4 (Reuters) - Japanese trading company Itochu Corp said on Friday its first-quarter net profit rose 48 percent, citing higher coal and iron ore prices and healthy earnings from food businesses.

Itochu, Japan’s third-biggest trading house by assets, said net profit for April-June was 108.2 billion yen ($983 million), up from 73.1 billion yen in the same period a year earlier.

For the full year through March, Itochu maintained its forecast for record annual net profit of 400 billion yen, up 13.6 percent from last year and in line with a mean estimate of 398 billion yen from nine analysts polled by Thomson Reuters I/B/E/S. ($1 = 110.0700 yen) (Reporting by Yuka Obayashi; Editing by Kenneth Maxwell)

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