Japanese bakery business Yamazaki Baking has reported higher sales and operating profit for the first nine months of the year, although one-off items weighed on its bottom line.
Sales rose 3.8% to JPY759.4bn (US$6.3bn) in the period to the end of September. Operating income jumped 37.7% to JPY18.51bn.
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Yamazaki's net income was down 26.3% at JPY6.51bn, with the business lapping a pension gain booked in the first nine months of 2014.
Discussing trading conditions, Yamazaki said competition had "intensified", with companies battling for "budget-minded customers". It also said the "weak yen" had pushed up the price of imported raw materials.
Looking ahead, the company said it expects household consumption to "gradually pick up" as Japan's economy improves.
Yamazaki reaffirmed the forecasts it had in place for its 2015 financial results. The company expects net sales to rise 2.9% on 2014 to JPY1.02trn and operating income will jump 24.5% to JPY26bn. It estimates net income will be down 21.2% year-on-year at JPY9.5bn.
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By GlobalData
