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Japanese seafood firms’ results show higher costs on weak yen
date:May 26, 2014
Maruha Nichiro Corp. earlier this month released its annual report for the 2013 fiscal year ending 31 March 2014. The Tokyo-based company remained the worlds largest seafood business with sales of JPY 851 billion (USD 8.4 billion, EUR 6.1 billion), up 5.2 percent from the previous year. But while sales were up, profits were down. Consolidated net income was JPY 3.2 billion (USD 30.7 million, EUR 23 million), a year-on-year drop of 41.4 percent, and operating income declined by 11.4 percent, foll

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