Typhoons and lockdowns: Nissui's aquaculture businesses battered by rising costs, falling prices

The aquaculture segment of Japanese seafood giant Nippon Suisan Kaisha (Nissui) saw production and unit prices decline in the second quarter.

Along with several other factors, the problems were reflected in Nissui's plummeting operating income, down 37 percent to JPY 7 billion (€56.4 million/$66.9 million), along with a 7.1 percent drop in sales to JPY 321 billion (€2.6 billion/$3.1 billion).

Net income was down 36 percent to JPY 5 billion (€40.8 million/$48.3 million).

While domestic and export retail sales remained firm, demand from the foodservice and tourism sectors dropped sharply in the face of the COVID-19 pandemic.