Japanese confectioner Fujiya Co. said today (6 August) that the sale of a building in Tokyo is expected to boost its profits for the six months to the end of September.
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The company, which earlier this year was embroiled in a scandal involving out-of-date ingredients, said it would sell the asset in the Ginza shopping area of the Japanese capital for JPY9.3bn (US$78.9m).
Fujiya has forecast that the sale will give it a net profit of around JPY1.5bn for the six months to the end of September.
In May, Fujiya published its full-year figures to the end of March. The company booked an operating loss of JPY6.7bn. Sales plummeted by almost 25% as Fujiya was forced to close some of its own retail outlets and lost contracts with a number of other retailers in the wake of the ingredients scandal.
In March, Yamazaki Baking bought a 35% stake in Fujiya, which then won back sales contracts with retailers affiliated to the company.
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