Japanese food maker Meiji Seika Kaisha has posted a 54.6% drop in full-year group net profit to ¥2.67bn (US$22.9m).

Group sales for the year to March declined 2.3% to ¥353.45bn, with sales in its food division down 3.5% to ¥228.65bn and sales in its pharmaceuticals division down 6.9% to ¥103.04bn.

Group operating profit was down 57.8% to ¥5.50bn.

For the current year, Meiji Seika expects growth in sales and profits, with sales in its food operations forecast to rise 1.9%. Group net profit is expected to rise 49.8% to ¥4bn, reported Jiji Press.

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