Japanese food maker Ajinomoto has recorded an increase in full-year profits but saw sales declines in all divisions except its domestic food unit.
Earnings in the 12 months to the end of March amounted to JPY15.3m (US$190.7m), a 59% increase on the prior year period. This was driven by an extraordinary gain of JPY27.7bn on the return of a “substitutional portion of the welfare pension fund”, it said today (5 November).
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Operating income, however, fell 14% in the period to JPY36.8bn, while sales slid 1% to JPY598.8bn as a result of a “challenging” food environment and high ingredient prices.
In the group’s domestic food products business, sales increased 2% to JPY226.5bn, due to growth in sales of seasonings, processed foods, and frozen foods. Sales in all other divisions, however, fell.
Ajinomoto reiterated its fiscal 2013 sales forecast of JPY1.22tr and operating income forecast of JPY73.50bn. The firm upped its net income forecast to JPY47bn from JPY44bn previously.
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By GlobalData
