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Kyokuyo struggles in the first half

November 16, 2007

Kyokuyo said Friday its consolidated sales for the April-September first half dropped 4.8 percent from a year earlier to \74.5 billion due to less transaction volumes of products.

Japan`s third largest seafood company reported its operating profit fell 17.6 percent to \1.1 billion and net earnings slipped 51.1% to \591 million.

"Transaction volume of almost all kinds of species decreased compared to the previous period. Main profit drivers, shrimp and salmon, were greatly affected by the fluctuations in the market and incurred disposal loss", said the company.

The company`s processing department has endured higher costs of raw materials and oil, but never able to hike prices.

But the seafood giant said the sales of frozen seafood, including sushi items rose, on the grounds that its joint-venture company in Thailand, K&U Enterprise established a new factory in August.

Maruha Nichiro`s first half fell in income and profit

November 14, 2007

Maruha Nichiro Holding`s consolidated first half sales dipped 0.4 % from a year earlier to \363.5 billion, while business profit dropped 20.6% to \5 billion. Bottom line profits fell 30.9%, or \363 million to \812 million.

World`s largest seafood company`s slump is attributed mainly to higher costs of oil and raw materials, along with depreciation of yen.

"Business environment has been tough under surging seafood demand worldwide, along with higher prices of fuel and raw materials. Prices of seafood increased under weakening yen exchange rate", reported the company.

Seafood segment edged up 0.2% from the previous year to \272.5 billion, while operating earnings dropped 18% to \3.5 billion.

"Domestic farming business remained steady. But high operational costs in the Northern America, flagging pollock roe market in Japan, as well as slumping shrimp and salmon market trimmed profit margin", the company added.

Nissui decides dissolution of a logistics subsidiary

November 14, 2007

Nissui`s board members decided dissolution of its logistics subsidiary, Nissui Service on Tuesday. The company will disintegrate at the end of March in 2008.

The distribution company`s third party logistics division will be integrated into Nissui`s wholly-owned subsidiary Nissui Logistics, while its storage and shipping department is transferred to the seafood company`s solely owned Carry Net.

Nissui Service`s annual sales ending March 2007 were \8.8 billion.

Nissui`s first half net profit plummeted 63.8%

November 14, 2007

Nissui`s consolidated business performance in the first half marked a sizable drop from the previous year due to high prices of fuel and raw materials.

Seafood sales increased \4.6 billion from the previous year to \115.1 billion, mainly attributable to the acquisition of F.W. Bryce. But business profit decreased \537 million to \1.7 billion due to less sales volumes of surimi, shrimp and Chinese eel domestically. Chile`s earthquake aftermath and virus issues, Asia`s delayed reformation of shrimp farming and processing business are impediments of the company`s growth.

Nissui`s consolidated first half sales fell 4.7% from the previous year to \267.7 billion. Current earnings dropped 28.2% from a year earlier to \5.8 billion, while net earnings plunged 63.8% to \1.3 billion.

The company`s non-consolidated first half seafood sales grew \47 million from the previous year to \46.8 billion. Unit price edged up by one percent to \770 per kilogram.

Surimi marked a big fall, 5,000 tons less from a year earlier. Unit price also fell and as a result, sales amount shrank \1.6 billion, while salmon`s sales increased \954 million because of increased unit price and transaction volume. Frozen tuna`s sales were down \350 million to 4 billion as a result of unit price`s fall, although the transaction volume increased 255 tons

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