Itochu's FY23 net profit rises to second-highest ever, helped by weak yen

Major Japanese trading house Itochu has said its group net profit for fiscal 2023 rose to its second-highest level ever, lifted by the weaker yen.

The company's annual net profit came to 801.7 billion yen, or about 5.2 billion dollars, up 0.2 percent from the previous fiscal year.

Itochu officials said the strong earnings came from brisk exports of automobiles. They said US sales of electricity generated by renewable energy were also robust.

Inbound tourism demand helped Itochu's convenience store business, drawing more customers and pushing up their per capita spending.

Looking ahead, Itochu President and COO Ishii Keita said the company will stick to its plan to invest up to 1 trillion yen, or about 6.5 billion dollars, at home and abroad in this fiscal year, despite the yen's drop.