Japanese confectionery maker Meiji Seika has cut its full-year net profit forecast, according to reports.
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The Tokyo-based company reportedly today (10 February) lowered its profit forecast to JPN2bn (US$22m), compared to a previous forecast of JPY6.5bn.
The company also lowered its revenue forecast to JPY416bn, down from its earlier guidance of JPY420bn.
Operating profit dropped to JPY10bn from the company’s previous forecast of 11bn.
Meiji Seika and Meiji Dairies announced a merger last year to form a newly-created holding firm, Meiji Holdings Corporation.
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By GlobalDataThe merger will create Japan’s fifth-biggest food company with annual sales topping JPY1trn. The deal is expected to be completed by 1 April.
