First half figures from C Itoh & Co – net profit up 30% at $86.3m on turnover up 9% at $61,000m (see page three) highlight the Japanese phenomenon of the giant trading companies: the figures imply that annual turnover at Itoh is running at over $120,000m, surpassing even General Motors Corp, the vital difference of course being that Itoh simply buys and sells, hardly manufacturing anything; its computer-related revenues must account for no more than a fraction of 1% of its turnover – and it is now selling out its Pick systems business (see front), yet it is recognised as a significant presence in both the US and the European markets.
