Suntory Beverage & Food, the owner of Asian food business Cerebos Group, has doubled first-half profits in its first financial statement since it started trading on the Tokyo stock exchange.
Net profits rose by 96% to JPY12bn (US$121m) in the six months to the end of June, the company said today (6 August). Operating profits were up by 26% to JPY27.6bn. Net sales climbed 11% to JPY518bn.
Profits from the group’s domestic unit increased by 32% to JPY16.9bn on the back of a 3.1% sales lift to JPY331.5bn. International profits were higher, at JPY22.2bn, a 15% increase, despite smaller sales of JPY186.5bn, a 28% increase over last year.
The increase in profits was down to cost-cutting measures and a weaker Japanese Yen that helped boost overseas trade.
Suntory Beverage & Food listed on 3 July after an initial public offering that raised about US$3.9bn. Its parent company, which remains unlisted, has said it will use the cash to fund overseas acquisitions.
Looking ahead, the company said expectations of a economic recovery in Japan are rising because of a increase in consumer spending.
To read the company’s official statement, click here.