Maruha Nichiro’s profit declines six percent
In its consolidated settlement of accounts for the period from April to December 2017, announced on 2 February, Maruha Nichiro reported net profit down by six percent to JPY 15.7 billion (USD 146 million, EUR 118 million).
The company blamed higher procurement costs for the slip in profits, as importation of fish and shellfish constitutes a large part of the company’s business.
The company reported an increase in net sales of five percent from the same period of the previous fiscal year. Strong sales of frozen and chilled foods contributed to the higher sales, as an increase in single-person households in Japan has led to more demand for fast and convenient foods. Fewer Japanese are marrying, while the number of elderly living alone is also climbing. The company forecasts an increase in sales of four percent for the full fiscal year.
The company said it aims to begin exporting its closed-cycle bluefin tuna this year, with the United States and Europe as primary target markets. Both have high interest in the sustainability of fisheries resources and are likely to be willing to pay higher costs for the product.