Struggling Snow Brand Milk Products Co. said Thursday it posted a group net loss of 71.74 billion yen for the 2001 business year, 35 percent worse than the year before, due to plunging sales in the wake of a food mislabeling scandal at its meat packing subsidiary.
Snow Brand's consolidated net losses were 52.93 billion yen the previous year.
Under a new rehabilitation program, the dairy product maker plans to reduce its capital by 98 percent, slash its workforce by 1,300, and will ask its main lenders for 50 billion yen in financial assistance.