Japanese seafood giant Maruha Nichiro saw first quarter operating income across its marine products business fall nearly 29 percent to ¥3.8 billion (€23.9 million/$25.8 million) for the period ended June 30, caused by contractions in its fishery, marine products trading and overseas business divisions.
This drop in operating income came despite sharp increases in revenue for the marine products trading and overseas business.
The company blamed lower operating income on a decrease in catch volumes and a surge in fuel costs in the fishery business, along with the impact of inventory adjustments by customers in the pet food business.
