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Maruha Nichiro`s enjoys merger effect

February 15, 2008

Maruha Nichiro had a 10.8 percent uptick in April-December sales as it consolidated Nichiro in October last year.

Sales climbed to \636.1 billion in the nine months ended Dec.31 from \574.1 billion a year earlier with merger effect. Operating profit grew 7.5 percent to \12.8 billion, while net income slightly increased 0.45 percent to \3.6 billion.

Japan`s seafood giant said that its North American operation was hurt by price declines of cod roe, but robust farming business at home and participation of Nichiro lifted seafood sales up 5.3% to \452 billion.

Processed foods sales also showed a strong showing with sales of \166.5 billion, a 31.3 percent increase from the same previous period. Operating profit from the sector grew 23.9 percent to \5.9 billion as the company improved efficiency and cost reduction.

It is forecasting sales of \850 billion and net profit of \5 billion for the business year to March 31.

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