Kyokuyo`s first nine months` sales and profit fall
February 1, 2008
Kyokuyo said Thursday its first nine months total sales skidded 6.4 percent compared to a year earlier to \116 billion, while operating profits decreased 1.3 percent to 2.51 billion. Bottom-line profits were 1.27 billion, a sharp decrease of 32.5 percent compared to the previous year.
Japan`s third largest seafood firm earned operating profit of \514 million on sales of \57 billion from seafood trading. Kyokuyo said that the division`s balance of payments was back on the recovery track mainly due to strong crab and shrimp demand, but it was not enough to cover slackness in the first half.
Sales of processed food, such as sushi items and deep-fried seafood, made a good showing, especially during year-end shopping season, but the company never managed to pass on high costs of raw and other material costs. Processed seafood business brought the company operating profit of \618 million on sales of \42.3 billion.
Kyokuyo reported that its business operation of Tuna/skipjack department was severely affected by sluggish domestic market. Sales were \12.4 billion, while operating profits were \542 million.
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