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Nippon Suisan Reports JPY 7.5B Operating Profit Increase by Seafood Business in FY March 2014

May 16, 2014

Nippon Suisan Kaisha, Ltd. (Nissui) under management of President Norio Hosomi reported significant increases all across the board for the fiscal year ended March 2014. Sales jumped 6.6 percent over the previous term to JPY604.2 billion (€4.35 billion/$5.95 billion) and operating profit soared 140 percent, totaling JPY 13.9 billion (€99.97 million/$137 million). Ordinary earnings also leaped 127 percent to JPY 12.4 billion (€89.2 million/$122 million). In addition, an extraordinary profit from sales of fixed assets, JPY 2.194 billion (€15.8 million/$21.6 million) was posted and JPY 3.459 billion (€24.9 million/$34.1 million) as an extraordinary loss on a withdrawal from Leuchtturm Beteiligungs- und Holding Germany AG was also booked. Thus, net income of FY March 2014 came to JPY 3.754 billion (€27 million/$37 million), an increase of JPY 8.544 billion from the prior year. Nevertheless, the Company decided to pass a dividend. Dividend for FY March 2015 hasn’t been determined, yet.

Seafood business racked up JPY 253.9 billion (€1.83 billion/$2.5 billion) in turnover, a growth of JPY 21 billion, and JPY 5.024 billion (€36.1 million/$49.5 million) in operating earnings, an increase of JPY 7.54 billion.

Aquaculture posted increases both in turnover and proceeds. Improved prices of farmed amberjack, buri, led to buoyant sales. Salmon and trout farming in South American likewise benefited from higher fish prices, resulting in gains. The processing and sales division followed suit and reported growths in sales and profit. A seafood market trend surrounding salmon, trout, and shrimp recovered. In North America business, more pollack surimi and fillets were produced, but cod roe production declined.

Food business reported JPY 282.7 billion (€2.03 billion/$2.78 billion) in sales, which was an increase of JPY 14.6 billion and JPY 2.761 billion (€19.9 million/$27.2 million) in operating profit, or a hike of JPY 851 million.

Fine chemicals business increased JPY 1.067 billion in sales to JPY 28.6 billion (€206 million/$282 million) and JPY 219 million in operating profit to JPY 7.561 billion (€54.4 million/$74.5 million). Distribution business registered JPY 13.9 billion (€99.97 million/$137 million) in sales, up JPY 482 million, and JPY 1.556 billion (€11.2 million/$15.3 million) in profit, a decline of JPY 279 million.

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