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Big Japanese Tuna Players Report Mixed Financial Results

Two Japanese tuna players are reporting mixed financial results on their tuna activities.
Tokyo-based Kokuyo Group said its tuna segment grew in both revenue and profit, despite posting a flat operating profit of JPY 1.8 billion (USD 19.1 million) through its first three fiscal quarters, down 0.2 percent over the same period last year. This is with sales of JPY 137.8 billion (USD 1.5 billion), down 1.6 percent over the year prior.
The company attributed the success in its tuna segment to higher quotas and prices in overseas tuna purse seine operations.
Kokuyo’s aquaculture projects involving bluefin tuna also performed well in contrast with its seafood processing operations, namely on its value-added offerings such as shrimp and crab.

Meanwhile, the world’s second-largest seafood company – Tokyo-based Nippon Suisan Kaisha (Nissui) – consolidated its Japanese farmed tuna with the yellowtail group Kaneko Sangyo in the third quarter. Sales of tuna trended high, while yellowtail prices were lower on stronger wild harvests.

Overall, Nissui reported a 50 percent fall in net profit in the year up through its fiscal third quarter, to JPY 2.2 billion (USD 24 million), on flat sales of JPY 422.6 billion (USD 4.5 billion).
Several of the company’s most vital divisions, such as its Chilean salmon operations, underperformed. In an effort to recover, the company said it would sell non-essential assets, and identify other areas to cut costs, including director and management salaries.