Maruha Nichiro Shares Increase

By

SeafoodSource staff

Published on
August 11, 2008

Maruha Nichiro Holdings shares yesterday jumped 7.5 percent on the Tokyo stock exchange, its highest in seven weeks, after a merger improved profits and the company announced it would buy back shares.

The company said through Sept. 30 it will spend up to 1.5 billion yen ($13.7 million) to buy back 1.26 percent of its shares from subsidiaries.

Operating profit for the three months ending June 30 increased by 42 percent to 6.08 billion yen ($55.2 million) on a 25 percent gain in sales. The company cited the merger with Nichiro Corp. and increased revenue from a North American fishery for the gain.

Net income for the period totaled 2.16 billion yen ($19.7 million), 86 percent of the company’s annual goal. Last year, Maruha Nichiro earned 2.7 billion yen ($24.6 million).

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