Japanese confectioner Morinaga reported a 63.6% drop in profits for the fiscal year ended 31 March as sales stagnated. The group said pre-tax profits in the year plunged to ¥3.39bn (US$27.3m) as overall sales tumbled 12.7% to ¥174.63bn. Sluggish sales of the group's core confectionery products were exacerbated by the depreciation of the yen against other currencies, which hiked the expense of imported raw materials.