Nichirei Q1 operating profit falls 8.9% despite restructuring

Nichirei Corporation reported Q1 operating profit fell 8.9% to JPY 8.688 billion despite net sales remaining stable at JPY 170.765 billion, down just 0.2%.

The Processed Foods segment's operating profit declined by JPY 1.5 billion due to increased raw material and procurement costs, including foreign exchange effects. However, the Temperature-Controlled Logistics segment saw JPY 0.7 billion increase in operating profit from strong domestic performance and overseas expansion.

Nichirei maintains its full-year forecast of JPY 700 billion net sales and JPY 45 billion operating profit.