Kirin sees H1 profits rise - results
- H1 net profits lift 2.1% to JPY33.83bn (US$334.1m)
- Net sales drop 5.8% to JPY1tn
- Operating profits inch up 1.5% to JPY58.8bn
Kirin has reported a return to profit growth
Kirin Group has reported an increase in H1 net profits as the company's Medium Term Business Plan (MTBP) began to kick in.
The Japanese business said yesterday that net profits for the six months to the end of June rose 2.1%. In its first-quarter results, the company said net profits were down 22.1% to JPY10.41bn (US$102.8m). The MTBP started at the beginning of the year and is expected to run for three years.
However, sales in the first-half of the year were down 5.8% to JPY1tn. Domestic consumption was hit by limited wage increases and voluntary restraint following the earthquake in Kumamoto in April. The company said beer sales volumes in the country were below the same period in 2015.
Kirin's Overseas Integrated Beverages Business, which encompasses Lion in Australia saw sales volumes for craft beers and 'focussed brands' increase, while overall sales volumes for the beer, spirits and wine business decreased due to "shrinkage in the Australian beer market", the company said.
"On top of the business slowdown in resource-supplying countries and a weak economy in China and other emerging countries, the UK's decision to withdraw from the European Union created unrest in the international financial market," the company said. "As a result, the global economy continued to experience a sense of uncertainty throughout the period."
Kirin has revised its full-year forecasts. The company expects to see a dip in sales but an increase in net profits.
To read the official results statement, click here.
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