Japan’s Maruha Nichiro revealed a surge in third quarter earnings despite lower sales during the period. 

Operating income increased to JPY25.5bn, up from JPY14.95bn in the comparable three months of last year. Net income rose to JPY16.67bn in the year, compared to JPY9.05bn in the third quarter of 2016. 

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The Japan-based seafood group said earnings increased despite a year-on-year drop in sales. Maruha Nichiro said that sales fell to JPY675.38bn compared to revenues of JPY683bn last year. 

Maruha Nichiro raised its forecast for annual profits – despite cutting its estimate for full-year sales – when it delivered its first half earnings in November. 

The company expects its net profit for the year to the end of March to hit JPY11bn (US$97.2m), more than double the JPY4.09bn it generated a year earlier, when it booked an impairment charge of JPY3.5bn. In August, Maruha Nichiro had forecast its net profit would reach JPY9bn.

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