Japanese soy sauce maker Kikkoman Corp. has booked falling annual profits as sales dipped and costs rose.

The company yesterday (12 May) reported a 9.7% slump in net income to JPY7.77bn (US$96.5m) for the year to the end of March. Operating income fell 8.9% to JPY19.21bn.

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The lower profits were on the back of a dip in annual sales, which fell 0.8% to JPY283.46bn, as revenues from Kikkoman’s domestic and international food operations fell.

The results were announced as Kikkoman said its board had drawn up plans to restructure its senior management.

The plans, which will be formally decided upon at a board meeting and shareholders meeting next month, will see COO Someya Mitsuo become president and CEO.

Mitsuo, president and CEO of Kikkoman’s food arm and executive chairman of its beverage unit, has been lined up to replace Mogi Tomosaburou as the group’s chief executive.

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As well as being Kikkoman’s CEO, Tomosaburou is also chairman. Under the changes, he will become chairman of the board.

Horikiri Nou, Kikkoman’s MD, is set to replace Mitsuo as president and CEO of the company’s food arm.

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