Japan-based food group Ajinomoto today (4 November) upped its full-year profit target on the back of better seasonings sales.
The company now expects its annual operating profit to reach JPY66bn (US$818.4m) in the year to the end of March – up from its earlier target of JPY57bn.
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Ajinomoto said sales of its namesake flavour seasonings had been “strong” in Asia. The company also said its umami and nucleotide sales to food manufacturers had beaten expectations.
The group also lifted its net income target from JPY23bn to JPY24bn but said losses on the devaluation of securities would limit its bottom line to a “small increase”.
Despite the better than expected sales, Ajinomoto cut its full-year net sales target from JPY1.23trn to JPY1.21trn due to the impact of exchange rates.
The revised targets were released on the same day as Ajinomoto announced plans for new umami seasonings factory in Thailand.
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By GlobalDataThe new forecasts also came as Ajinomoto published its half-year results for the period to the end of September. Net income fell 19% to JPY17.6bn, although operating income jumped by a third to JPY41.7bn. Net sales rose 5%.
Click here for the full earnings statement from Ajinomoto.
