Kyokuyo Q1 Sales Up

Japanese seafood supplier Kyokuyo has reported first quarter net sales of JPY37.479bn ($432.8m), up 10.6% from the corresponding quarter a year earlier.

Kyokuyo’s marine products purchasing business also posted a $33.5m increase in net sales of JPY17.025bn ($196.6m) against the period in 2009.

The company said its operating profit, however, fell 48.3% to JPY374m ($4.3m) and ordinary income by 39.3% to JPY472m ($5.5m).

It said the fall is due to the profit decline in its cooked frozen food business and poor performance by refrigerated ocean transportation operations.

The firm’s frozen food business posted sales of JPY9.737bn ($112.5m), while sales of the canned food business achieved JPY3.523bn ($40.7m).