Itoham Foods books higher sales, mixed profits
Itoham maintained forecasts for annual sales and profits
Japan-based meat products group Itoham Foods has reported an increase in first-half sales and net income - but saw its operating income fall year-on-year.
The company posted a 4.7% rise in net sales to JPY230.02bn (US$1.98bn) for the six months to the end of September.
However, a 5.2% increase in the cost of sales contributed to Itoham's operating income sliding 17.6% to JPY1.55bn.
Earnings from affiliates helped boost Itoham's net income, which grew 38.9% to JPY2.08bn.
Itoham maintained its forecasts for annual sales of JPY471bn, operating income of JPY7.7bn and net income of JPY5.5bn.
In its previous financial year, the company generated net sales of JPY463.4bn, operating income of JPY4.9bn and net income of JPY4.8bn.
- 2017: three major drivers of M&A strategy
- just-food 2017 Survey - your thoughts on growth
- Food market in 2017: need-to-know US trends
- 2017 - what will shape the UK food sector?
- Could BRF's Turkey move pave way for OneFoods IPO?
- Premier Foods issues profit warning
- UK's Bakkavor plays down IPO "speculation"
- Ferrero insists Nutella not pulled from shelves
- Lindt sees FY sales acceleration on Europe growth
- Unilever sets packaging target