Daiwa owner revises profit for year upwards

Globeride – the owner of fishing giant Daiwa – has revised its results forecast for the current year upwards despite predicting a slight drop in sales.

The Japanese conglomerate, which also owns businesses in the tennis, golf and cycle sports sectors, expects to see a 2.4% decrease in revenue for the year ended March 31 2025, but a 38.2% rise in profit to 4,700 million yen compared to a previously predicted 3,400m yen.

In a statement to shareholders issued this week, the company said that its profit rise is due to improved productivity, reduced expenses as well as an increase in the year-end valuation of foreign currency receivables.