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Tohto Suisan Breaks Even Despite Weak Tuna Sales

Japanese fishery firm Tohto Suisan Co.'s (TSE:8038) group operating results likely broke even for the April-June quarter, almost in line with the firm's plan, as cost reductions helped offset floundering sales of tuna and other seafoods.

The company intends to keep its full-year earnings forecast unchanged. Tohto Suisan held down personnel costs by introducing an early retirement program and slashing pay for executives and rank-and-file employees.

Sales look to have tumbled 10 per cent on the year to 35 billion yen (US$376.88 million) or so in the three months through June. Hit by the consumption slump since last fall, demand was weak for high-priced items such as tuna and shellfish.

Tohto Suisan turned a 63 million yen operating profit in the same quarter of last year.