BAKU, Azerbaijan, November 7. In a recent update, ITOCHU Corporation has disclosed its financial results for the first half of the fiscal year ending in 2024 (FYE 2024). Notably, the company experienced a lack of significant extraordinary gains during the second quarter, with "Core profit" reaching approximately ¥383.5 billion, Trend reports.
Despite the challenges posed by lower market prices and higher interest rates, ITOCHU's Non-Resource sector showcased a resilient performance. Particularly, the 8th, Machinery, Food, and ICT & Financial Business Companies surpassed the profits from the same period in the previous fiscal year, contributing to ITOCHU's steady profit accumulation.
Building upon the consistent results in the first two quarters, ITOCHU has revised its annual forecast for FYE 2024, the final year of the Brand-new Deal 2023 initiative, upward to ¥800.0 billion. This upward revision reflects the company's confidence in achieving the "¥800.0 billion Profit Stage."
Additionally, "Core operating cash flows" stood at ¥375.0 billion. However, it's important to note that this figure was influenced by the payment of interest expenses resulting from higher interest rates and taxes. Nevertheless, the stable performance in operating revenues, particularly in the 8th, Food, and General Products & Realty Companies, indicates a robust underlying business performance.
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