KHK profit drops over 50% despite sales rise

Japan's Kyowa Hakko Kirin's net profit for the nine-month period ended December 31, 2008, dropped 57% on extraordinary revaluation and tax  expenses, despite higher income.

Consolidated net sales for the nine-month period were 362.28 billion  yen, 21.7% higher than in the same period of the previous fiscal year,  however, the firm's net income fell to 10.48 billion yen, or 18.26 yen  per share, versus 24.08 billion yen, or 60.55 yen per share.

Chief executive Yuzuru Matsuda said: "our reported results were affected  significantly by the consolidation of Kirin Pharma and the environment  for some of our businesses is being severely affected by the ongoing  global recession, highly volatile commodity prices and large currency  movements."