Japanese confectionery group Morinaga & Co has posted a 54% drop in full-year net earnings, which were hit by weak sales and one time charges.

Net profit dropped to JPY850m (US$8.6m), down from JPY2.37bn a year earlier.

Revenue declined to JPY164.14bn while operating profit totaled JPY3.35bn.

In a statement to the Tokyo stock exchange, the company said weak sales of its core product lines and charges associated with its devalued share price were the primary factors driving profitability down.