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Hanwa 3Q Cites Notable Profit Hike in Food Business

February 19, 2014

Hanwa Co., Ltd. announced that its third quarter (April thru Dec.) for FY March 2014 recorded hikes in revenues and earnings. Sales were up 10.1 pct. from the same quarter last year to JPY 1.2276 trillion (€8.73 billion/$12 billion). Operating profit was JPY 11.475 billion (€81.6 million/$112 million), or up 38 pct. Ordinary earnings jumped 82.3 pct. to JPY 10.797 billion (€76.7 million/$105 million). Quarterly net income came to JPY 5.922 billion (€42 million/$57.8 million), an increase of 79 pct.

The Food Products Division reported a decline of 9.1 percent YOY, totaling JPY 62.775 billion (€446 million/$612 million). Nevertheless, a weaker yen helped rectify the prices of the main commodities, salmon and shrimp, leading to improved profitability. Profit was a whopping 162.7 percent hike to JPY 1.48 billion (€10.5 million/$14.4 million). Exchange profits encouraged the profit growth.

The Company’s main arm, the Steel Division, marked increased revenues and profits. Its flagship business of steel also reported increases in sales and profit. Metal raw material business and nonferrous metal business both registered swollen profits.

No revision to the Company’s fiscal forecast was reported: Sales of JPY 1.66 trillion (€11.8 billion/$16.2 billion), operating profit of JPY 15.8 billion (€112 million/$154 million), ordinary gain of JPY14 billion (€99.5 million/$137 million), and net income of 8.2 billion (€58.3 million/$80 million).

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