TOKYO, May 2 (Reuters) - Japanese trading house Itochu Corp on Wednesday said its annual net profit jumped 13.7 percent to a record level in the last financial year, boosted by higher coal prices and a strong performance in its food and retail operations.
The company also predicted another record-profit for the current financial year, which kicked off last month.
Itochu’s net profit for the year ended March 31 came to 400.33 billion yen ($3.7 billion), marking a record for the second straight year. That was in line with its own forecast of 400 billion yen, but fell short of a mean estimate of 432 billion yen among 9 analysts surveyed by Thomson Reuters I/B/E/S.
The results were affected by large one-off losses booked in the January-March quarter, including a 29 billion yen impairment loss on its stake in C.P. Pokphand Co. Ltd, a Hong-Kong listed agri-food company.
For the year until the end of March, 2019, Itochu predicted a net profit of 450 billion yen, beating a mean estimate of 431 billion yen among 9 analysts.
$1 = 109.7400 yen Reporting by Yuka Obayashi Editing by Joseph Radford