ITOCHU Corp (OTCPK:ITOCF)

$ 47.54 -0.16 (-0.34%) Market Cap: 69.27 Bil Enterprise Value: 95.48 Bil PE Ratio: 12.32 PB Ratio: 1.88 GF Score: 84/100

Q1 2021 Itochu Corp Earnings Net Conference Transcript

Aug 05, 2020 / NTS GMT

Release Date Price: $22.87 (+3.27%)

Transcript

Tsuyoshi Hachimura

ITOCHU Corporation - CFO, Senior Managing Executive Officer & Director

This is Tsuyoshi Hachimura, CFO of ITOCHU Corporation. Thank you very much for joining us today. Unfortunately, we cannot have a face-to-face meeting, but let us now start the teleconference.

First, the net profit attributable to ITOCHU significantly exceeded our Q1 expectation and recorded JPY 104.8 billion. For the first quarter, we expected the biggest COVID-19 impact. So in terms of full year plan, we believe that we are in the defensive period. That is the first slow quiet phase. So we are focused on the defense.

By focusing on the lean management, doing cutting and preventing, the biggest achievement was that we generated profits in all segments. The progress of 26% is better than expectation. Some people said that the JPY 400 billion target is too aggressive, but I think that the trust for the commitment-based management was confirmed.

COVID-19 greatly affected businesses, as expected, mainly in consumer sector. But with the accumulation of the solid earnings in diversified

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