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Nichirei: Seafood Business Achieves Massive Surplus in First Quarter

July 30, 2008

Nichirei announced its business performance results for the first quarter, April to June 2008, on July 29, 2008. Total sales were 119.4 billion yen, or a 5.4 percent increase; operating profit grew 33.3 percent, totaling 4.837 billion yen; ordinary profit rose 30.3 percent to 4.681 billion yen; and net proceeds of the first quarter amounted to 1.707 billion yen with a decline of 18 percent.


All divisions enjoyed profit increases; especially its overseas cold-temperature distributing business and livestock business, which exhibited outstanding performances. Professional-grade prepared frozen food contributed to financial comeback of processed food operations.


While its seafood business greatly augmented the company’s earnings, livestock, processed food, and cold-temperature businesses all contributed with increased profits. Despite an increase in ordinary profit, an extraordinary loss of 1.7 billion yen from application of lease accounting standards ended in a net profit loss of 300 million yen.


Improvement of the slumping shrimp market and refocusing on key products and fixed cost reduction, by the struggling seafood division contributed to outstanding profit growth. Its total sales grew 0.9 percent, amounting to 19.2 billion yen; and yet its operating profit showed a significant rebound from a previous year loss of 178 million yen, to an increased profit of 478 million yen.


Original article published on July 30, 2008
Translated by Kiyo Hayasaka


Nichirei: Seafood Business Achieves Massive Surplus in First Quarter

July 30, 2008

Nichirei announced its business performance results for the first quarter, April to June 2008, on July 29, 2008. Total sales were 119.4 billion yen, or a 5.4 percent increase; operating profit grew 33.3 percent, totaling 4.837 billion yen; ordinary profit rose 30.3 percent to 4.681 billion yen; and net proceeds of the first quarter amounted to 1.707 billion yen with a decline of 18 percent.


All divisions enjoyed profit increases; especially its overseas cold-temperature distributing business and livestock business, which exhibited outstanding performances. Professional-grade prepared frozen food contributed to financial comeback of processed food operations.


While its seafood business greatly augmented the company’s earnings, livestock, processed food, and cold-temperature businesses all contributed with increased profits. Despite an increase in ordinary profit, an extraordinary loss of 1.7 billion yen from application of lease accounting standards ended in a net profit loss of 300 million yen.


Improvement of the slumping shrimp market and refocusing on key products and fixed cost reduction, by the struggling seafood division contributed to outstanding profit growth. Its total sales grew 0.9 percent, amounting to 19.2 billion yen; and yet its operating profit showed a significant rebound from a previous year loss of 178 million yen, to an increased profit of 478 million yen.


Original article published on July 30, 2008
Translated by Kiyo Hayasaka


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