JAPAN: Kirin raises profit forecast - report
Japanese brewer Kirin Brewery has reportedly raised its half-year profit forecast by 7.5% on healthy sales of low-malt and no-malt beer brands.
The move follows reports in Japan last week that Kirin looked likely to post a 17% leap in half-year earnings to JPY44bn (US$385.5m).
According to Reuters today (10 July), Kirin said it now expected an operating profit of JPY43bn up from a previous forecast of JPY40bn and the JPY37.5bn recorded in the corresponding period last year.
The report added that Kirin said it would make soft drink arm Kirin Beverage Corp. a wholly owned unit on 1 October for a total of almost JPY75bn. Kirin announced in May that it wanted to full control of Kirin Beverage, in which it then held a 59.4% stake.
Through a tender offer, Kirin has acquired a 97% stake in Kirin Beverage, and the subsidiary will be delisted on 11 August.
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