Japanese soy sauce producer Kikkoman Corp. has reportedly posted a 13.5% drop in profit for the first half of its fiscal year.
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For the six months to 30 September, the company’s net income dropped to JPN5.04bn (US$52.9m) from JPN5.7bn for the comparable period in 2007.
Operating income decreased by 21.4% to JPN9.68bn from JPN11.2bn in the same period last year.
Net sales, however, reached JPN204.69bn, an increase of 6.9% from JPN202.73bn in 2007.
Last month, Kikkoman announced plans to set up a joint venture with Shijiazhuang Zhenji Brewing Group Co. in China’s Hebei Province in a bid to take advantage of rising demand for premium foreign food in the country.
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By GlobalDataFacing shrinking demand at home, Kikkoman is boosting output in China as incomes rise and a growing middle class worries more about the quality of China’s domestically made food.
