NH Foods, the Japan-based meat, dairy and seafood group, has trimmed its forecast for annual sales after posting lower first-quarter sales and earnings.
The company now sees its net sales for the year to the end of March reaching JPY1.25trn, down from an earlier forecast of JPY1.27trn.
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NH Foods booked a 3.6% fall in sales to JPY294.57bn for the three months to the end of June. The company said sales from its processed meats division and affiliated business – which houses dairy and seafood – rose year-on-year. Sales in NH Foods’ meat division were down.
The company saw sales from its international division drop over 15%, leading to an operating loss from the unit of JPY809m. A year earlier, the division made an operating profit of JPY2.61bn.
The group saw its net income slide 31.2% to JPY5.92bn. Operating income reached JPY9.47bn, versus JPY11.88bn a year ago.
NH Foods maintained its forecasts for annual operating income of JPY49bn and net income of JPY31bn.
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By GlobalDataIn the 12 months to the end of March 2016, NH Foods generated net sales of JPY1.24trn (US$11.49bn), up 2.3% on the previous year.
NH Foods’ net income dropped 29.9% to JPY21.78bn, with the group pointing to impairment charges. The company booked a 4.3% fall in operating income to JPY46.34bn.
