Itochu Corp said that its net profit for the third quarter ended September 30 grew 38% on year, owing to higher prices and an increase in sales of iron ore.

The Japanese trading house said its net profit for the just-ended quarterly period came to JPY 58.61 billion from JPY 42.36 billion in the same period a year earlier. It also noted higher prices of such resources as coal and natural rubber.

For the fiscal year ending March 2012, the company raised its full year group net profit outlook to JPY 280 billion from JPY 240 billion.