Maruha Nichiro profits spike 84 percent
Major Japanese seafood conglomerate Maruha Nichiro reported a massive 84.3 percent hike in profit to JPY 16.7 billion (USD 147.8 million, EUR 139 million) in its fiscal third quarter.
Maruha Nichiro, which owns Peter Pan Seafoods, Trans-Ocean Products and other major seafood processors, also realized a 70.4 percent increase in operating income to JPY 25.5 billion (USD 225.7 million, EUR 212.4 million), compared to its fiscal third quarter in 2016.
However, net sales dropped 1.1 percent to JPY 675.3 billion (USD 6 billion, EUR 5.6 billion) for the third quarter ending in March, 2017.
Profits-per-share soared from JPY 171.90 (USD 1.52, EUR 1.43) in the fiscal third quarter of 2016 to JPY 316.73 (USD 2.81, EUR 2.64) in the fiscal third quarter.
Maruha Nichiro’s forecast for the year ending 31 March is a 241.7 spike in profit to JPY 14 billion (USD 124 million, EUR 116.8 million) and a 52 percent increase in operating income to 26 JPY billion (USD 230 million, EUR 216.8 million). However, the company projects net sales to fall by 1.7 percent to JPY 870 billion (USD 7.7 billion, EUR7.3 billion) for the year.