JAPAN: Raw material costs hit Kikkoman profits
- Profits in the period dropped
- Targeting profits of JPY9.50bn for 2011 fiscal year
- Raw material costs hit profits
Kikkoman is targeting net profit of JPY9.50bn and operating profit of JPY20bn for its full fiscal year
Japanese soy sauce maker Kikkoman Corp. has recorded a drop in nine-month profits, hurt by an increase in the cost of raw materials and the impact of a weak US dollar and euro.
For the period to the end of December, net income dropped to JPY8.31bn (US$101.7m) from JPY9.05bn a year earlier. Operating income dropped to JPY16.20bn from JPY18.68bn, the firm reported yesterday (2 February).
Sales slid slightly during the nine months to JPY217.18bn from JPY218.14bn in the year-ago period.
The firm said it is targeting net profit of JPY9.50bn and operating profit of JPY20bn for its full fiscal year, which ends on 31 March. Sales, the firm said, are expected to reach JPY282bn.
Kikkoman shares edged up 0.2% to JPY8.32 at close of trading yesterday.
Click here to view the full earnings release.
Japanese soy sauce maker Kikkoman Corp. has booked falling annual profits as sales dipped and costs rose....
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