Itoham Foods, the Japan-based meat processor, has reported a rise in annual net sales and operating profit – but impairment and tax costs weighed on its bottom line.

The company booked net sales of JPY638.78bn for the year to the end of March, up from JPY481.13bn a year earlier.

The jump in sales helped Itoham Foods’ operating income increase from JPY3.77bn a year ago to JPY10.2bn.

However, Itoham Foods posted net income of JPY8.21bn, down from JPY11.61bn the previous year amid a rise in impairment expenses a higher tax bill.

Based in Nishinomiya, Itoham has ten plants in Japan. The company also has operations in New Zealand, Thailand and the US.

Itoham Foods is a shareholder in New Zealand beef and lamb exporter Anzco Foods. The company’s Itoham Betagro Foods Co. venture in Thailand manufactures products like ham and sausages. The group’s Itoham America arm makes a range of meat products.