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OUG Dissolves American Subsidiary’s Seafood Intermediary

October 21, 2008

OUG Holdings came to a decision on October 17, 2008, to dissolve and liquidate its subsidiary, EBIX Trading (Seattle) Co. Ltd., under management of President Taku Hayashi.


EBIX is a subsidiary, 100 percent owned by Shokuryu Co. Ltd., and manages overseas seafood merchandise trading in the US.


OUG Holdings spoke of the reason for the dissolution of EBIX: “The company has run its sales operations of seafood and processed products from Japan, South East Asia, China, and Latin America in the Northern American markets; however we have seen no signs of improvements in receipts and payments.”


Additionally, the impact of the dissolution on individual and consolidated business results is considered minimal.


This original article was published on October 21, 2008 and was translated by Kiyo Hayasaka.



Kyokuyo Significantly Revises Operating Earnings Upward

October 21, 2008

Kyokuyo revised its original business forecast for the second quarter and this fiscal term on October 20, 2008.


The consolidated sales results of the second quarter were adjusted to \73.6 billion from the original estimate of \76 billion. Conversely, the following upward revisions were made: operating profit from \1.6 billion to \2.6 billion; ordinary gain from \1.4 billion to \2.45 billion; and the second quarter net proceeds from \700 million to \1.45 billion.


For the full business term, sales proceeds were amended downward from \155 billion to \152 billion. Other categories were modified upward: operating profit of \3.3 billion to \4.2 billion; ordinary profit of \2.9 billion to \4.1 billion; and the fiscal net profit gain of \1.5 billion to \2.2 billion.


Reluctant purchases of Chinese products resulted in decreases in yields for the processed food business compared to the same period last year; however seafood business’ purchasing planning to ensure adequate amounts at the appropriate time and sales increases attributed to better outcomes than originally expected. Both the refrigerated cargo transportation business and overseas bonito/tuna purse seiner business continuously displayed strong performances.


As an individual entity, the company downgraded its second quarter sales figure of \70 billion to \68.3 billion; however the following upward revisions were made: operating proceeds from \800 million to \1.3 billion; ordinary profit from \900 million to \1.5 billion; and the second quarter net yield from \550 million to \950 million. As for the fiscal term, sales earnings were reduced from \14.3 billion to \14.1 billion; operating profit was increased from \1.8 billion to \2.4 billion; ordinary proceeds were revised upward from \1.8 billion to \2.7 billion; and the total net yield of this business term was modified to \1.5 billion from \10 billion.


This original article was published on October 21, 2008 and was translated by Kiyo Hayasaka.


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