Maruha Nichiro improves earnings aided by foreign gains
Maruha Nichiro products. (Photo: Stock File)
It is expected that Maruha Nichiro reports a record pretax profit of around JPY 8.5 billion (USD 76 million) for the April-June quarter, representing 30 per cent growth year on year aided by foreign exchange gains, Nikkei informed.
According this news agency, the firm used currency-forward contracts that turned out to value the yen higher than it actually was against the dollar during the quarter, which helped to push up profit.
During the analysed period, sales are likely to surpass the JPY 212.5 billion (USD 1.8 billion) booked a year earlier while operating profit grew about 4 per cent, to just below JPY 7.5 billion (USD 66 million).