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Morinaga Milk revises earnings forecast, records impairment losses

April 15, 2025 at 12:01 PM UTCBy FilingReader AI

Morinaga Milk Industry (TSE:2264) announced revisions to its full-year consolidated earnings forecast for the fiscal year ending March 31, 2025, along with the recording of impairment losses and other related charges at its overseas subsidiaries. Operating profit is expected to increase by JPY 1 billion to JPY 29.5 billion and ordinary profit is expected to increase by JPY 1 billion to JPY 29.2 billion. However, profit attributable to owners of the parent is projected to decrease significantly, from JPY 18 billion to JPY 5 billion. This downward revision is primarily attributed to JPY 19.9 billion in extraordinary losses due to impairment losses recorded for overseas subsidiaries, partially offset by JPY 11 billion in extraordinary income from the sale of cross-shareholdings and land. The impacted overseas subsidiaries include NutriCo Morinaga (Pakistan), Turtle Island Foods (USA), Morinaga Nutritional Foods Vietnam, and Morinaga Le May Vietnam, all experiencing performance below initial acquisition expectations. While sales forecasts remain unchanged, the company will implement structural reforms and efficiency measures. Furthermore, the company intends to maintain its year-end dividend forecast at JPY 45 per share, resulting in an annual dividend of JPY 90 per share. The company expects to achieve sustainable growth in both domestic and overseas market.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

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