Meiji Dairies Corp has announced its group net profit fell 45.4 per cent from the previous year to ¥2,093 million (€18.2mn) in the year ended in March.
For the current year, the major maker of dairy products expects its group net profit to soar back 91.1 per cent to ¥4 billion. The increase is expected in the light of a planned consolidation between Japan's dairy cooperatives and associations, following a disastrous few years for the dairy business. A number of the country's major players, including Snow Brand, will be included in the consolidation plans.
Meiji Dairies is one of Japan's largest dairy products manufacturers and processors. It makes infant formulas, yoghurt, ice cream, and dairy-based drinks, and more than 50 per cent of sales are from fluid milk. It scored a hit with its Vaam health drink, which contains endurance-enhancing amino acids found in hornet saliva. Meiji Dairies brought Bulgarian-style yoghurt to Japan in the 1970s and develops drugs. The company also sells The Coca-Cola Company's Minute Maid-brand juices in Japan.