Itochu Corp., the third-largest trading house in the country by market value, will boost its dividend payout this year as it targets a 10 percent jump in profit.
The company forecast net income will rise to ?330 billion after meeting its profit target of ?300 billion for the 12 months ended March 31. The dividend may rise 9 percent this year to ?50, and 10 percent the year after to ?55, Itochu said Friday in a statement.
An investor in Dole-brand fruit and Paul Smith apparel among other businesses, Itochu¡¯s strategy of focusing outside of commodities has helped expand profit at a time when domestic rivals such as Mitsui & Co., Sumitomo Corp., and Marubeni Corp. are slashing earnings targets.
In January, Itochu announced plans to buy about 10 percent of China¡¯s state-controlled conglomerate Citic Ltd. The stake in Citic and tie-ups with the Chinese company could help Itochu¡¯s profit rise to ?400 billion annually by 2017, the company said Friday as it outlined a new mid-term strategy plan.
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