Yokohama Refrigeration ＜2874＞ announced consolidated financial results for the 2nd quarter (23/10/24 to 3/24) of the fiscal year ending 2024/9 on the 14th. Sales decreased 2.0% from the same period last year to 62,025 billion yen, operating profit increased 64.7% to 2,795 billion yen, ordinary profit increased 19.0% to 2.371 billion yen, and quarterly net profit attributable to parent company shareholders increased 38.2% to 1,644 billion yen.
Sales of the refrigerated warehouse business increased 10.0% from the same period last year to 16.980 billion yen, and operating profit increased 22.0% to 3.969 billion yen. High inventory levels have continued since the previous fiscal year, livestock products, which had temporarily declined, also picked up, handling of fishery products and agricultural products increased, and storage fee revenue, cargo handling revenue, related transportation handling income, and customs handling revenue also increased. Also, fee revisions due to cost increases progressed, leading to an increase in sales and profit. Thai consolidated subsidiary THAI YOKOREI CO. Even in, LTD., the volume handled of livestock products and dairy products, which are the main products handled, increased, resulting in an increase in sales and profit.
Sales in the food sales business decreased 5.8% from the same period to 45.15 billion yen, and operating profit increased 69.8% from the same period to 798 million yen. As for fishery products, profit increased while sales of salmon and trout, which are the main source of fishery products, increased while sales of tuna and sardines also increased, sales and profits increased, and handling of sardines and mackerel for feed also increased. Also, the market price of shrimp, which fell in profit margins due to a fall in the previous fiscal year, recovered, and profits increased while sales of fishery products as a whole declined due to profit-oriented sales efforts. Handling of livestock products increased due to an increase in inbound demand for eating out for both pork and chicken, leading the segment to an increase in sales and profit for livestock products as a whole. As for agricultural products, sales and profits declined due to a decrease in yield due to abnormal weather due to high temperatures last summer.
Regarding the full-year consolidated earnings forecast for the fiscal year ending 2024/9, the initial plan for sales is 139.00 billion yen, up 3.8% from the previous fiscal year, operating income is 4.550 billion yen, up 20.2% from the same period, ordinary profit is 4.750 billion yen, up 13.0%, and net income attributable to parent company shareholders is unchanged.