Maruha Nichiro suffers drop in marine products income despite higher sales

Maruha Nichiro, the world’s largest seafood company, reported higher net sales for its marine products segment, but lower income in the first quarter ending June 2023.

The Tokyo, Japan-based conglomerate's operating income of JPY 250.9 billion (USD 1.71 billion, EUR 1.58 billion) for the quarter ending June 2023 was up 7.9 percent from the JPY 232.6 billion (USD 1.59 billion, EUR 1.47 billion) it posted in the same quarter last year. The increase come despite a drop in its marine products business segment that resulted in a 2.3 percent decrease in operating income year-over-year.

Decreased catch volumes and high fuel costs resulted in a 29 percent drop in operating income for Maruha Nichiro’s marine products business – from JPY 5.3 billion (USD 36.2 million, EUR 33.5 million) in the previous quarter to JPY 3.8 billion (USD 26 million, EUR 24 million).

All of Maruha Nichiro's business segments except for aquaculture saw decreases in operating income. Its fishery business posted JPY 1 billion (USD 6.8 million, EUR 6.3 million) loss, down from a loss of JPY 500 million (USD 3.4 million, EUR 3.1 million) posted in the period ending June 2022. Its marine products trading business earned JPY 2.2 billion (USD 15 million, EUR 13.9 million), down from the JPY 2.3 billion (USD 15.7 million, EUR 14.5 million) it posted last year. 

Maruha Nichiro's overseas business saw the largest drop of all its divisions, sinking 34.8 percent to ... 

Photo courtesy of Maruha Nichiro