JAPAN: Trading Giant Reports Poor Machinery Sales
Trading giant, the Itochu Corp, has seen a 63 per cent fall in consolidated net profit to 12.2bn yen in the April - June period. Group sales increased slightly on sales of information processing and communications products and food, offsetting poor sales of textiles and machinery. The company is blaming the poor figures on a financial subsidiary in North America which it sold the previous tax year and a drop in profit from stock sales.
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