Strict cost management has enabled Japanese food giant Yamazaki Baking Co. to report higher operating profit in 2014 but increased pension contributions weighed on the bottom line.
The company reported a 25.9% jump in operating profit in the year to 31 December, rising to JPY20.87bn. Yamazaki cut its advertising and personnel expenses as it worked to strip costs out of the business. However, the transfer of benefit obligation relating to some of its subsidiaries pension funds and a higher tax rate meant that net profit growth lagged. Net profit at the firm was up 6.3% to JPY12.04bn.
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During the 12 month period sales rose 2.8% to JPY995bn. Growth was driven by higher confectionery sales.
Click here for the release in Japanses.
