Kikkoman Shares Jump After Soy Sauce Maker Posted Strong First-Quarter Results

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By Kosaku Narioka

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Kikkoman Corp. rose sharply Friday morning after the Japanese soy sauce maker posted strong first-quarter results and projected a 4.6% increase in fiscal-year net profit, despite a sharp rise in costs of raw materials.

The shares were recently 8.9% higher at 8,590 yen after rising as much as 11% earlier.

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The Topix subindex for food companies was recently 1.0% higher and the Nikkei Stock Average was up 0.6%.

Kikkoman said Thursday after market close that net profit rose 4.5% from a year earlier to Y12.13 billion ($91.2 million) for the quarter ended June 30. That beat the estimate of Y10.10 billion taken from a poll of analysts by FactSet.

Revenue climbed 19% to Y147.75 billion, thanks partly to a recovery in demand from the restaurant industry and product-price increases.

Kikkoman projected revenue to climb 16% to Y596.70 billion and net profit to rise 4.6% to Y40.70 billion for the fiscal year ending March 2023.

The company expects demand from restaurants to continue to improve and a weaker yen to boost earnings overseas, although costs of raw materials are expected to rise sharply.

Write to Kosaku Narioka at [email protected]

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Credit: www.marketwatch.com /

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