Japanese food company Ajinomoto Group has posted a 43.4% fall in operating income for the first quarter, which dropped to JPY7.9bn, as the slowing Japanese economy, higher fuel and materials costs and flat consumer spending weighed on profits.

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Consolidated sales for the first quarter increased 0.9% to JPY301.4bn. Domestic food sales were up 4.5%, however costs drove segment profits down 68.5%. Overseas food sales rose 3%, due to an increase in volumes that offset the negative impact of currency exchange. However, operating income decreased 16.4%, again reflecting the global rise in prices of raw materials and fuels


Net income decreased 56.6% to JPY3.7bn, due to a “decrease in gains on sale of fixed assets and other factors”, the company said.

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