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Nissui products. (Photo Credit: Nissui)
Nissui reports revenue and income increase for Q3 2013
(JAPAN, 2/13/2014)
Nippon Suisan Kaisha Ltd. (Nissui) reported an increase in revenues and profits in the Q3 of its fiscal year 2013 (October-December 2013), compared with the same period last year.
The latest financial report indicates that the Japanese giant consolidated net sales grew 6.3 per cent, to JPY 448,695 million (USD 4,383 million), and net income by 160 per cent, to JPY 5,849 million (USD 57.1 million).
Nissui attributes this growth primarily to the recovery of the Japanese market, the reduction of inventories (non-consolidated), the restructuring of enterprises abroad and better trade balance in salmon and trout thanks to higher prices.
Regarding food products business, the company highlights that in Japan, the yen weakness was offset by improving productivity, reducing expenses and revising selling prices. The performance abroad varied from region to region.
Poorly performing overseas business showed little progress. Investments in Shandong Sanfod Nissui, Ltd. were handed over up to the holding ratio at 14.89 per cent (sales losses were JPY 780 million/UDS 7.6 million).
Meanwhile, Sealord Group, Ltd. sold all shares of its Argentine subsidiary and withdrew from Argentina business. This represented a loss of JPY 1,510 million (USD 14.7 million) for the company.
On the other hand, Nissui informed the transfer of Leuchtturm Beteiligungs, and stated the extraordinary losses were factored in by Q2.
In the marine product business, Nissui grew both its revenues and income, and net sales increased by JPY 13,000 million (USD 127 million) to JPY 186,000 million (USD 1,817 million).
In the fisheries sector, the company's business in South America improved with respect to losses incurred in the previous period, following a restructuring of operations.
The company plans for Q4 are to improve productivity, reduce costs, promote sales and increase conversion rate into prepared foods.
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