Nissin Food Products Co., the maker of Cup Noodles, lowered its full-year profit forecast by 37 percent, saying a price increase to cover the rising cost of wheat is cutting sales.

Nissin Food expects net profit of ¥13.5 billion for the year ending March 31, down from its previous ¥21.5 billion forecast. The company also cited a drop in the value of assets at a U.S. unit.

The company said in September it would raise Cup Noodles prices in January.