Food: Operating Income Increased Year-on-Year Despite Favorable Results in the Previous Year

	TOP

	Financial Results - For the First Half of FYE March 2018 -

	Contents

	1. Overview for the First Half H1 Summary - FYE March 2018 Food: Operating Income Increased Year-on-Year Despite Favorable Results in the Previous Year Significant Increase in Income - Made a One-off Payment in FYE March 2017, Receipted Milestone Revenue in FYE March 2018

	2. Outlook for the Second Half and Full-year

	Appendix

	Back cover

Food segment
Achieved plan targets for sales and operating income

• Operating income grew though sales slightly underperformed the previous year

• Sales growth of yogurt and functional yogurt are mild - first half of FYE March 2017 saw a high growth.

• Raw material costs resulted lower income.

• Cost control contributed to higher income.