Japan-based food ingredients giant Ajinomoto said today (30 July) that its first-quarter profits had plummeted by more than a third due to losses on investment securities.

Ajinomoto’s net income fell 36.6% to JPY6.77bn (US$78.1m) for the three months to the end of June due to “a loss on devaluation of investment securities”.

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However, the company’s operating income jumped by 43.8% to JPY21.84bn on the back of a 6.6% increase in sales, which hit JPY304.38bn.

Profits from Ajinomoto’s domestic and overseas food products divisions both increased.

Domestically, Ajinomoto’s food products unit saw operating income leap by two-thirds to JPY7.4bn despite a 0.7% dip in sales to JPY108.3bn.

Ajinomoto’s overseas food products arm booked a 16.4% increase in operating income to JPY9.6bn. Sales were up 13.4% at JPY58.5bn.

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