Meiji Holdings, the Japan-based food group, has raised its forecasts for annual profits after its half-year earnings, though down year-on-year, came in higher than expected.
The company sees its net income for the year to the end of March 2017 coming in at JPY52.5bn (US$464.8m), up from the JPY50bn it had forecast earlier this year.
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Meiji also lifted its forecast full-year operating income, predicting it will reach JPY81.5bn, compared to its previous estimate of JPY74.5bn.
In the first half of Meiji’s financial year, a period that ran to the end of September, the company generated net income of JPY24.32bn, down 26.6% year-on-year, although it had forecast profit of JPY23.5bn.
Meiji’s first-half operating income rose 11.7% to JPY37.3bn. It had expected operating income to hit JPY32.5bn.
Half-year net sales rose 2.4% to JPY606.79bn. The company said sales of fresh and fermented dairy products were higher, although sales of processed foods and confectionery slid after moves to reduce SKUs.
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By GlobalDataMeiji maintained its forecast for annual net sales of JPY1.25trn.
