Toyo Suisan net sales rise despite profit decline

Toyo Suisan Kaisha reported net sales of ¥125,803 million for the first quarter, up 0.8% year-over-year, but operating profit fell 7.6% to ¥18,300 million.

Net profit attributable to shareholders declined 11.4% to ¥15,251 million. The company maintained a strong equity ratio of 80.9%.

Results were affected by an accounting policy change for foreign subsidiaries, now using average exchange rates instead of end-of-period rates for revenue and expense conversion.