Kirin Brewery, Japan’s second largest brewing group, has announced that it expects to beat its revised net profit forecast for 2002 made last August of Y26 billion. It now appears likely that Kirin will post a 38% increase in group net profit to Y32 billion for the year to the end of December.
The company made a statement after an article appeared in the Nihon Keizai Shimbun forecasting a 38% increase. In response, Kirin spokesman Tomonori Ono said: “There is a high probability that we will surpass our forecast for net profit.” While Kirin would not give a precise forecast, it said that the newspaper’s figures were not far off. The company’s 2002 group sales are thought to have increased by 1% to Y1.58 trillion, in line with the August forecast
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The brewer, which will publish its 2002 results on February 19, reduced its group net profit forecast for 2002 in August from Y29 billion to Y26 billion blaming fierce competition, falling revenues and discounting.
However, subsequently robust sales of “chuhai” alcoholic beverages and solid performances from its subidiaries have allowed the company to outperform its revised estimate. Kirin’s shares rose by 4.43% to Y801 on the back of the reports.
