Nissin Foods Holdings has forecast a return to profit growth in its new financial year after the Japanese group saw its earnings decline in the previous 12 months.
The company filed a 12.4% fall in net income to JPY23.56bn (US$210.4m) for the 12 months to the end of March, as the business lapped a year of higher extraordinary gains and incurred an increase in tax expenses.
Nissin’s operating income rose 8.4% to JPY28.62bn, with its net sales up 5.9% at JPY495.72bn.
For Nissin’s new financial year, which runs until 31 March 2018, it is forecasting net income of JPY24.5bn, operating income of JPY34bn and net sales of JPY520bn.
Earlier this week, Nissin told just-food it is to start manufacturing potato crisps at its China factory, aiming to use the popularity of its instant noodles range to score sales in the snacks sector.
In December, Nissin detailed plans to invest JPY57.5bn in the construction of a new production plant in Japan, its first new manufacturing facility in the country in twenty years.