Business Services Industry
Morinaga Milk Industry Co. Reports 34 Percent Increase in Group Net Profit.
Knight Ridder/Tribune Business News, May, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
May 20--TOKYO -- Morinaga Milk Industry Co. said Thursday its group net profit for the year ended March 31 rose 34.1 percent from the previous year to 6.46 billion yen in the fourth straight yearly increase due to ongoing cost-cutting and steady sales.
The dairy products maker said its consolidated pretax profit edged up 2.8 percent to 15.14 billion yen on sales of 565.54 billion yen, up 1.3 percent. Both the pretax profit and sales grew for the second straight year.
Per-share net profit came to 25.34 yen, up from 18.79 yen.
Morinaga Milk said its efforts to cut costs by reducing inventories made up for negative effects on sales such as the unusually cool...
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