Morinaga Milk Industry raised its ordinary profit forecast for the current fiscal year by 7.0%. Ordinary profit for the April-June quarter rose to ¥10.6 billion, up year on year.
After the market close on 7 August, Morinaga Milk Industry announced its results, reporting ordinary profit of ¥10.6 billion for the April-June quarter, up 11.3% year on year. It also revised full-year ordinary profit upward, changing from ¥32.7 billion to ¥35.0 billion, with the forecast decline in profit narrowing from 11.9% to 5.7%.
The first-half profit forecast was also revised upward. Ordinary profit for the April-September period was revised upward 11.4%, changing from ¥18.4 billion to ¥20.5 billion, with the expected decline narrowing from the ¥21.9 billion recorded in the same period of the previous year.
For the latest three months, the operating margin on April-June sales improved to 6.8% from 6.1% in the same period of the previous year. This reflected an improvement in the outlook for performance during the fiscal year.
The full-year forecast for the current fiscal year was revised upward from the previous forecast. The revised ordinary profit forecast is ¥35,000 million, net income is ¥21,000 million and revised earnings per share are ¥65.1.