Nissin Foods Sees Net Profit Double in April-June
Tokyo, Aug. 5 (Jiji Press)--Nissin Foods Holdings Co. <2897> on Wednesday reported a consolidated net profit of 12,095 million yen for April-June, up 108.5 pct from the year-before level.
In addition to price hikes for key products in June last year, the company benefited from trends to eat at home amid the novel coronavirus epidemic. Many of its mainstay products, such instant noodles and frozen foods, fared well in the first quarter of fiscal 2020.
The April-June net profit was largest for the fiscal first quarter.
Nissin’s group sales in the first three months of fiscal 2020 rose 13.9 pct to 120,561 million yen, and operating profit jumped 102.3 pct to 17,452 million yen, both marking the highest first-quarter figures as well.
The company’s operations in the Americas and China were also robust, backed by the pandemic-related stay-at-home trends that boosted sales of instant noodles and other products.
[Copyright The Jiji Press, Ltd.]