Major Japanese Companies Maruha and Nissui See Differing Results, with Nissui Dragged Down by Chile
SEAFOODNEWS.COM [SeafoodNews] November 14, 2016
The two major Japanese companies Maruha Nichiro and Nippon Suisan had differing half-year reports, showing them exposed to different economic and market factors. Both companies reported declining sales, problems with pollock roe and surimi markets, and favorable trends in salmon.
But Maruha Nichiro achieved record mid-term profit on the strength of decreasing procurement costs due to the yen’s upswing while Nippon Suisan reported a difficult first half of the year, with net profits falling 31%.
Maruha Nichiro announced on November 7 that its half-year consolidated recurring profit for the current business year started last April spiked 79.8% over a year before to Y13,775 million on sales standing at Y427,313 million, down 1.5%.
Its operating income also shot up 114.9% to Y14,798 million, with net profit surging 88.4% to Y8,833 million.
Speaking at a press conference, Managing Director Tomohiro Mitamura said the profit level largely surpassed that in the like period in fiscal 2011 when the company achieved all-time high profits.
Mitamura attributed the strong performance to drastic surge of the Japanese currencyFull Story »