Japanese dairy company Morinaga Milk today [Tuesday] raised its earnings estimate for the fiscal year ended 31 March.

The company is now forecasting group net profits of ¥4.5bn (US$0.03bn) for the period under review, up from the earlier prediction of ¥3.1bn. The gain has come from the recent dissolution of the company’s pension fund, which generated a ¥2.3bn one-time profit.

Sales and pre-tax profits were also raised slightly to ¥527bn and ¥11.3bn respectively.