Japanese dairy products maker Snow Brand Milk Products has reported a group net profit for the first half to 30 September, compared to a year-earlier loss.

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The company posted a first-half net profit of ¥392m (US$3.6m), compared to a loss of ¥45.4bn in the year-ago period. Snow Brand had been aiming for ¥500m net profit, but did not reach the target because of an investment loss of ¥300m, reported Jiji Press.


Group sales were ¥166.6bn, a fall of 68.9% from the year-ago period, reflecting a lower number of consolidated subsidiaries.


Snow Brand expects a group net profit of ¥3bn for the year to March 2004, compared to a loss of ¥27.1bn a year earlier. Group sales are expected to reach ¥315bn, down 56.7% year-on-year.

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