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By Bloomberg

Itochu Corp., Japan’s third-largest trading house by market value, will boost its dividend payout this year as it targets a 10 percent jump in profit.

The company forecast net income will rise to 330 billion yen ($2.76 billion) after meeting its profit target of 300 billion yen for the 12 months ended March 31. The dividend may rise 9 percent this year to 50 yen, and 10 percent the year after to 55 yen, Itochu said in a statement.

Itochu erased earlier losses after the release, rising as much as 2.5 percent in Tokyo trading. The stock was up 1.5 percent at 1,502 yen as of 1:56 p.m., compared with a 1 percent drop in the benchmark Topic index.

An investor in Dole-brand fruit and Paul Smith fashionwear among other businesses, Itochu’s strategy of focusing outside of commodities has helped expand profit at a time when domestic rivals such as Mitsui & Co., Sumitomo Corp., and Marubeni Corp. are slashing earnings targets.

In January, Itochu announced plans to buy about 10 percent of China’s state-controlled conglomerate Citic Ltd. The stake in Citic and tie-ups with the Chinese company could help Itochu’s profit rise to 400 billion yen annually by 2017, the company said Friday as it outlined a new mid-term strategy plan.