Maruha Nichiro Profits down 20% for First Nine Months of Year
SEAFOODNEWS.COM [Nihon Keizai Shimbun] - January 22, 2015 -
TOKYO, Japanese seafood company Maruha Nichiro appears to have logged a group operating profit of nearly 10 billion yen ($83.5 million) for the nine months through Dec. 31, down roughly 20% on the year.
The decline was attributed to a food contamination scandal at a plant in Gunma Prefecture as well as the weak yen driving raw material costs for frozen foods higher.
Japanese frozen-food manufacturers, including Maruha Nichiro, plan to raise prices starting in February. Maruha Nichiro expects operating profit for the year ending in March to come in unchanged at around 10.5 billion yen, short of guidance calling for a 4% increase to 11 billion yen...
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