NH Foods books mixed H1 profits
NH Foods, the Japan-based meats group, has reported mixed half-year profits with its bottom line improving but operating earnings lower year-on year.
The company booked net income attributable to shareholders of the company of JPY15.37bn for the period to the end of September, up 2% on a year earlier.
However, operating income stood at JPY21.79bn, a fall of 2.5% on the first half of 2014/15.
Sales rose 5.6% to JPY620.31bn but NH Foods saw its cost of goods sold and its SG&A expenses rise when compared to the first six months of the previous financial year.
NH Foods did not see sales grow across all divisions. It saw sales from its ham and sausages unit drop 4.9% to JPY69.97bn.
The company's pork unit reported a 0.1% dip in sales to JPY116.86bn.
NH Foods is forecasting a 3.9% increase in annual sales in its current financial year.
However, it expects operating income to fall 11.2% to JPY43bn and net income to slide 11.4% to JPY27.5bn. That said, the forecasts for operating income and net income have risen from after NH Foods' first quarter. It then estimated annual operating income would hit JPY41bn and net income JPY27bn.
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