Suntory Beverage & Food Limited, the Japanese parent of the newly acquired GSK Consumer Nigerian Plc unit, said on Friday that half-year profits fell 4.8% to ¥17.9bn yen ($177m).

The beverage company which derived 38% of its half-year sales from overseas markets said that a stronger yen affected earnings growth. Net income would have risen 3.1% if it wasn’t for currency volatility, the company said. Suntory is forecasting further decline in profits for the rest of the year, with ¥40.5 billion yen forecasted for the 12-month period.