TOKYO, JAPAN – Nippon Flour Mills Co. Ltd. reported on Feb. 4 that net income for the nine months ended in March was 7.1 billion yen ($60,717), an increase of 33.7% from the 5.3 billion yen reported in the same period a year earlier.

Sales reached 2.36 trillion yen, an increase of 5% from 2.25 trillion yen a year earlier.

Japan’s economy showed signs of improvement in the first three quarters, however, personal consumption is at a standstill, Nippon said. There are expectations for recovery.

The impact of the Trans-Pacific Partnership (TPP) is unclear, the company said, but it is expected to bring great change to the food industry. While continuing to monitor developments, the company will continue its support of the agreement.

Nippon said it is working to strengthen its business foundation in order to deal with the quickly changing business environment.

In September, the company formed an alliance with soy processors to strengthen and develop its soy-related food business.