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Tainted gyoza to crash Japan Tobacco profits

Date Posted: 2008-05-06

Fallout from a winter series of food poisoning cases attributed to gyoza imported from China is dampening profits for Japan Tobacco Inc., and its subsidiary, JT Foods Co.
Ten people became sick after eating the pesticide-laced gyoza imported by JT Foods, but “the sales of our frozen foods for households remain 70% lower,” Hiroshi Kimura says. The JT president says “we expect it to take time before sales recover,” noting the failure to pinpoint how the pesticide got into the food supply has made consumers wary.
Japan Tobacco expects profits to fall 27.8% from a year ago, to ¥311 billion. The gyoza incidents are forecast to cut ¥22 billion from food sales, and trim ¥6.5 billion from the profit margin. JT had registered more than ¥430 billion in profits a year earlier, largely due to cigarette sales revenues from the British Gallaher Group, which it bought last year, and from food business money earned from Katokichi Company, bought earlier this year.

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