Pic: Shutterstock

Pic: Shutterstock Itochu Corporation, a Japanese trading firm engaged in textiles and other diversified products, has reported a 22.1 per cent revenues increase to ¥2,916.8 billion (Japanese yen) in the first quarter (Q1) of FY22 ended on June 30, 2021, over the revenue of ¥2.4 billion in the same period of prior year. Net profit escalated to ¥284.7 million (Q1 FY21: ¥115.3 million). “During the second quarter, the global economy generally improved as the distribution of COVID-19 vaccines advanced around the world and restrictions on the movement of people were successively eased,” the company stated. “Although, the pace of recovery in the Chinese economy, which had been recovering ahead other regions, slightly slowed, the US and European economies were boosted primarily due to the recovery in consumer spending.” “The Japanese economy remained flat, with a decline in the service and apparel sectors in particular, stemming from the state of emergency declaration in major cities such as Tokyo and Osaka. However, there were also some positive signs as exports continued to grow and capital investment in the manufacturing industry and residential investment ceased declining,” the Japanese corporation further said. Gross trading profit for Q1 increased to ¥490.9 billion (¥401.5 billion). Moreover, Itochu’s profit before tax advanced to ¥382.0 billion (¥138.9 billion).