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.

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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