Nichiden reports 12.5% profit drop despite sales growth

Nichiden Corporation reported a 12.5% decline in net profit to 1.03bn yen for the first quarter, despite net sales rising 2% to 33.3bn yen.

Operating profit fell 11.6% to 1.29bn yen, while ordinary profit dropped 13.4% to 1.51bn yen.

The company maintained its full-year forecast of 140bn yen in sales and 4.9bn yen in profit attributable to owners.