Nippon Suisan Profit Plunges Over Weakness in N. America Frozen Fish Sales
SEAFOODNEWS.COM [Japan Reports] August 9, 2016
Nippon Suisan, Ltd. (Nissui) said on August 5 that its consolidated net profit in the first three months of the current accounting year started in April plunged 58% over the corresponding period in the previous year to Y1.6 billion.
The major Japanese fisheries company blamed the meager business results on slumping sales of frozen food, such as white-meat fried fish, in the North American market as a result of intensified competition.
It also said the rising yen also eroded the profitability of its overseas subsidiaries, which it failed to offset with robust performance in the Japanese market....
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