North American Salmon Processing Expected to Be a Drag on Maruha Nichiro Earnings
SEAFOODNEWS.COM [Nikkei Report] - July 24, 2015 -
TOKYO, Japanese seafood company Maruha Nichiro is expected to see about 3.5 billion yen ($27.9 million) in consolidated pretax profit for the April-June quarter, shedding a little over 10% on the year, as its salmon processing operations in North America suffered lingering effects of a poor catch during the second half of 2014.
The company performed well in Japan after raising prices of frozen foods but could not offset lower profits overseas. Profitability worsened at U.S. units, which fared well in the year-ago period, as they could not secure scarce salmon and trout. Declining profit also is seen at seafood processing operations in Thailand, partly due to tighter U.S. import regulations.
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