Japan’s Yamazaki Baking Co has posted net losses on both a parent and a group basis for the year ending 31 December.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Compared with the group net profit of ¥8.1bn posted in 1999, consolidated net loss of ¥44.2bn and parent loss of ¥32.3bn were blamed on the costs incurred through a recall of mouldy bread during last summer, which also entailed increased cleaning costs at the production plants.
The company also noted that an extraordinary charge of ¥76.1bn was necessary to cover shortfalls in retirement and pension programs.
Falling bread sales also played some part in the results, falling 4% on a parent only basis due to lower wholesale prices and the effects of the recall. Group sales of ¥729bn represented a drop of nearly 1%.
Over the course of 2001, Yamazaki revealed that it expects to record a 2% increase in sales to ¥748bn, and group net profit of ¥8bn. It the first time since the company went public in 1962 that it has reported a loss.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
