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Nissin Food Products Co. said Thursday it posted a group net profit of 11.94 billion yen in fiscal 2001, down 21.5 percent from a year earlier due to appraisal losses on its securities holdings and growing sales costs.

The Osaka-based maker of instant noodles also reported a group pretax profit of 29.99 billion yen, down 9.5 percent, on sales of 308.46 billion yen, up 2.5 percent.

Group per-share net profit came to 93.91 yen, down from 119.32 yen.

Nissin attributed the decline in net balance mainly to a one-time loss of 10.02 billion yen, including 8.11 billion yen in appraisal losses on its securities holdings.

Nissin said it will pay a full-year dividend of 30 yen for the reporting year, including a 6 yen special dividend for the 30th anniversary of the launch of the Cup Noodle. It paid 24 yen the previous year.

For the current fiscal year, the company expects to post a consolidated net profit of 16 billion yen and a pretax profit of 27.5 billion yen on consolidated sales of 317 billion yen.

Meanwhile, Nissin said the same day that it will buy back a maximum of 6 million of its own shares — or 4.7 percent of outstanding shares — for up to 15 billion yen to help the company cope more flexibly with changes in its business situation.

The company said it will propose the plan, made at a board meeting the same day, during a general shareholders meeting June 27.

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