Japan-based meat, dairy and seafood group NH Foods has upped its forecast for annual profits, although it has again trimmed its estimates for full-year sales.

NH Foods expects its net income for the year to the end of March to be JPY32.5bn, up from an earlier forecast of JPY31.5bn.

In the 12 months to the end of March 2016, NH Foods generated net income of JPY21.78bn, a fall of 29.9% year-on-year, on the back of impairment charges.

The higher forecast for annual net profit came despite earnings falling 4% to JPY14.75bn in the three months to the end of September.

NH Foods lowered its forecast for annual net sales to JPY1.25trn. The cut marked the second time in four months NH Foods had cut its estimate for full-year net sales. In July, NH Foods set its forecast for annual net sales at JPY1.25trn, down from an earlier estimate of JPY1.27trn.

The latest reduction came after a fall in second-quarter sales. NH Foods posted net sales of JPY593.09bn for the three months to the end of September, down 3.4% year-on-year. The company said its domestic fresh meat sales fell. NH Foods also reported a 15.7% drop in its overseas sales amid pressure on its business in Australia.

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By GlobalData