Japanese dairy company Meiji Dairies said today (Tuesday) its group net and pretax profits rose for the third consecutive year in fiscal 2004, due partly to a decrease in accrued benefit costs and good performance in its feed and distribution businesses, according to the Kyodo news agency.
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The company said its group net profit increased 22.3% to 9.72bn yen (US$90.8m) in the year to 31 March, and pretax profit rose 21.2% to 19.08bn yen on a 0.4% rise in sales to 725.02bn yen.
The company said accrued pension costs shrunk to 7.19bn yen from previous year’s 8.25bn yen. Although sales in the mainstay food sector dropped — with those of cheese and other dairy products falling in particular — higher sales in distribution and feed sectors more than offset the sales decline, it said.
For the current year to next March 31, the company forecasts a group net profit of 9.8bn yen, up 0.8%, and pretax profit of 21bn yen, up 10.1%, on sales of 720bn yen, down 0.7%.
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