TOKYO : Japanese trading houses Marubeni Corp and Itochu Corp raised their dividend forecast for the year to March 31 on Friday thanks to record quarterly profits, and announced share buybacks to reward investors.
Marubeni shares rose 3.4 per cent after it boosted its full-year earnings outlook, while Itochu shares traded 1.2 per cent lower after it maintained its annual guidance. "Earnings of our U.K. wholesale and retail power unit called SmartestEnergy have been robust, while our coking coal and iron ore businesses in Australia have continued to generate healthy profits," Marubeni Chief Financial Officer Takayuki Furuya told a news conference.
The new policy include progressive dividend scheme to reflect medium- and long-term profit growth, with an initial annual dividend being set at 78 yen per share, up from 75 yen forecast previously.
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »