Itochu to boost dividend; eyes 10% rise in profit

Tokyo

ITOCHU Corp, Japan's third-largest trading house by market value, will boost its dividend payout this year as it targets a 10 per cent jump in profit.

The company forecast that net income will rise to 330 billion yen (S$3.64 billion) after meeting its profit target of 300 billion yen for the fiscal year ended March 31. The dividend may rise 9 per cent this year to 50 yen, and 10 per cent the year after to 55 yen, Itochu said in a statement.

An investor in Dole-brand fruit and Paul Smith fashionwear 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 C…