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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.

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