JAPAN: Kirin Holdings expects profits rebound in 2012
Kirin Holdings has said that it expects net sales and profits to rebound in 2012 as it continues to economise in Japan and capitalise on acquisitions overseas.
Kirin said today (10 February) that net sales are expected to reach JPY2.23tn (US$28.7bn) in the 12 months to the end of December 2012. If achieved, this would represent a 7.7% increase on anticipated sales of JPY2.07tn in 2011. The figures are prior to excise tax reductions.
The Japanese brewer and soft drinks maker is looking forward to reaping stronger rewards from a plethora of overseas acquisitions in the last three years, such as Schincariol in Brazil, Lion in Australia and a 48% stake in San Miguel Brewery in the Philippines. It will also continue to cut costs in its domestic business.
For 2012, Kirin said that operating profits should rise by 13.4% on anticipated levels for 2011, to JPY162bn. In 2010, operating profits were JPY151bn.
While the group has yet to publish full-year results for 2011, it said last month that profits and sales would be lower than originally expected. It cut its net profits outlook for 2011 by 74%, due to JPY10bn of impairment charges on fixed assets, including JPY6.6bn charge on its Australia business.
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