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Maruha Nichiro products. (Photo: Stock File)

Maruha Nichiro improves earnings aided by foreign gains

  (JAPAN, 7/21/2017)

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).

Overseas operations underpinned earnings, Nikkei points out.

An Australian subsidiary handling high-end fish boosted exports to the United States and China.

In Thailand, Maruha Nichiro increased shipments of pet food to the US and Europe.

In addition, the company's Alaska pollock business in North America was brisk.

In Japan, the company's profitability did not slide as much as projected even though international prices of marine products remained high. However, import costs increased but Maruha Nichiro's offerings fetched high prices amid shortages of squid and salmon.


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Information of the company:
Address: 1-2 1-chome, Otemachi, Chiyoda-ku
City: Tokyo
State/ZIP: (100-8608)
Country: Japan
Phone: +81 3 3216 0821
Fax: +81 3 3216 0342
E-Mail: [email protected]
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