Maruha Nichiro, the Japan-based seafood group, has raised its forecast for annual profits – despite cutting its estimate for full-year sales – after a second quarter of rising earnings.
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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The group is estimating its annual sales would reach JPY870bn, a decline of 1.7% year-on-year. In August, Maruha Nichiro had forecast its annual net sales would be JPY890bn, which would have equated to an increase of 0.6%.
In the second quarter to the end of September, Maruha Nichiro generated net profit of JPY8.83bn, up over 88% year-on-year. Its operating income more than doubled to JPY14.8bn.
The company’s net sales fell 1.5% to JPY427.13bn, with Maruha Nichiro pointing to the effect the strength of the yen had put on its overseas sales when they were translated back into domestic currency.
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