Kikkoman full-year profits sour

  • May 16, 2011
  • source: Dean Best for just-food

Kikkoman soy sauceJapanese soy sauce maker Kikkoman Corp has booked falling annual profits as sales dipped and costs rose.The company last weekreported a 9.7% slump in net income to JPY7.77bn (US$96.5m) for the year to the end of March. Operating income fell 8.9% to JPY19.21bn.

The lower profits were on the back of a dip in annual sales, which fell 0.8% to JPY283.46bn, as revenues from Kikkoman’s domestic and international food operations fell.

The results were announced as Kikkoman said its board had drawn up plans to restructure its senior management.

The plans, which will be formally decided upon at a board meeting and shareholders meeting next month, will see COO Someya Mitsuo become president and CEO.

Mitsuo, president and CEO of Kikkoman’s food arm and executive chairman of its beverage unit, has been lined up to replace Mogi Tomosaburou as the group’s chief executive.

As well as being Kikkoman’s CEO, Tomosaburou is also chairman. Under the changes, he will become chairman of the board.

Horikiri Nou, Kikkoman’s MD, is set to replace Mitsuo as president and CEO of the company’s food arm.

just-food is the world’s leading portal for the global pre-packaged food and retail industries. Its daily mix of breaking news, views, analysis and research serves over 100,000 food executives each month. http://www.just-food.com/


Bookmarks

  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • Furl
  • Netvouz
  • NewsVine
  • Reddit
  • Fark
  • Propeller
  • Slashdot
  • StumbleUpon
  • Technorati

Reader Comments

Australian Food News reserves the right to edit or not publish comments of a potentially offensive or defamatory nature. Comments will not be published if name and email address has not been provided (name and email will be withheld if requested).

The opinions expressed below are those of Australian Food News readers and do not necessarily reflect those of Australian Food News.