Kirin Holdings drops forecasts for H1

Kirin Holdings drops forecasts for H1

Kirin Holdings has cut its sales and profits forecast for the first half of 2010.

Kirin expects net sales to be JPY43bn (US$492m) for the six months to the end of June, 14% lower than previously predicted, the Japanese drinks giant said today (26 July).

It added that net profits are expected to be JPY26bn, 7% lower than its earlier forecast, with operating profits set to be 14% lower at JPY29bn.

"The revision is due to smaller dividend income from affiliates than initially forecast," said Kirin, which owns Australian brewer Lion Nathan and a near-49% stake in San Miguel Brewery.

Despite the worse-than-expected performance, the group said that it has not changed its full-year profits guidance.

For 2010, Kirin said in February that it expected net sales to fall by JPY58.4bn, to JPY2.22tn, and operating income to rise by JPY4.6bn to JPY133bn.

Earlier this year, the group reported a fall in sales and profits in 2009.