Link: https://links.sgx.com/1.0.0/corporate-announcements/1AXJSI2N1ICOT151/0f5d02e2403c2c76a404012c6a270fcacb102861acbf47566ae6f2bdab6093b8

Summary:

• First-quarter net profit attributable to Itochu jumped 37% year-on-year to ¥283.9 billion, even as revenues edged down 1.1% to ¥3.56 trillion and trading income fell 10.4% amid weaker contributions from Metals & Minerals and General Products & Realty.

• Profit before tax surged 31% to ¥374.8 billion, powered by a ¥130.5 billion gain on investments including the sale of stakes in C.P. Pokphand and other holdings, while equity earnings from associates declined 11% to ¥63.9 billion.

• Total comprehensive income attributable to Itochu more than halved to ¥175.4 billion, hit by sizeable negative currency translation adjustments as the stronger yen reduced the value of overseas assets.

• Operating cash flow remained robust at ¥245.5 billion, up from ¥207.8 billion a year earlier, supporting continued investment and shareholder returns despite ¥141.9 billion in dividends and ¥39.8 billion in share buybacks.

• Total assets grew slightly to ¥15.18 trillion, while shareholders’ equity slipped to ¥5.74 trillion, nudging the equity ratio down to 37.8% as currency effects and capital returns offset retained earnings growth.

• Net interest-bearing debt rose marginally to ¥2.98 trillion, keeping net debt-to-equity at a conservative 0.52 times, and cash and cash equivalents stood at ¥534.1 billion at end-June after ¥210.6 billion of net financing outflows.

• Management kept its full-year forecast unchanged for net profit attributable to Itochu of ¥900 billion and an annual dividend of ¥200 per share, signalling confidence despite global macro uncertainty and higher U.S. tariffs.