TOKYO : Itochu Corp's upwardly revised net profit estimate of 820 billion yen for the current year is mostly due to surging commodity prices, its chief financial officer said on Thursday, an indication such performance was unsustainable.
The Japanese trading house had previously lifted its annual profit forecast for the current financial year to March 31 to a record 820 billion yen from 750 billion yen. However, current commodity prices are in an"abnormal or bubble" stage and are expected to face corrections in around the middle of the next financial year, CFO Tsuyoshi Hachimura said.
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