Soy sauce group Kikkoman has upped its forecasts for annual sales and operating profit after posting higher half-year revenue and earnings.
The Japanese firm expects net sales to hit JPY337bn (US$2.14bn) for the year to the end of March, an increase of 12.2% on is top line the year before. Kikkoman had forecast net sales of JPY327bn.
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The company sees its operating income growing 17.1% to JPY23.2bn; its previous forecast was JPY22.5bn. The firm’s net income forecast was held at JPY12.5bn, an increase of 13.6% on the year before.
For the six months to the end of September, Kikkoman generated net income of JPY7.16bn, up 49.7% on a year earlier. Operating income increased 22.7% to JPY12.66bn.
The higher profits came on the back of a 14.5% gain in JPY168.4bn. Kikkoman saw revenue increase in Japan, where, as well as its core soy sauce products, it distributes products including seasonings and drinks sold under the Del Monte brand.
Meanwhile, Kikkoman’s soy sauce sales were up in North America, Europe and from the company’s Asia and Oceania division, which excludes Japan.
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By GlobalData
