Japanese meat processor Nippon Meat Packers has reported an 81.5% dive in first-half group net profit due to the effects of a beef mislabelling scandal.
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Nippon Meat Packers reported group net profit of ¥1.79bn (US$14.8m) for the six months to September, compared with a profit of ¥9.66bn in the year-ago period.
Sales fell 4.4% from the year-earlier period to ¥467.3bn. The company was hit by low consumer confidence following the beef mislabelling scandal. It emerged during the first half that the company had falsely labelled foreign beef as domestic beef in order to gain government beef buy-back subsidies during Japan’s BSE crisis.
