JAPAN: Kirin Holdings' Q1 boosted by Fraser & Neave stake sale
- Q1 net profits up to JYN54.3bn (US$550m) after JYN3bn loss in 2012 Q1
- Net sales rise by 4.7% to JYN520.6bn
- Operating profits down by 4.6% to JYN24.15bn
- Kirin Brewery sales, profits fall; Lion sales, profits up
Kirin has seen net profits soar after relinquishing its stake in Fraser & Neave
Kirin Holdings has reported a significant return to net profit in its first-quarter helped by the sale of its stake in Fraser & Neave earlier this year.
Group net profits in the three months to the end of March hit JYN54.3bn (US$550m), in contrast to last year's Q1 loss of JYN3bn, the conglomerate said late last week. Sales in this year's first quarter were up by 4.7% to JYN520.6bn.
Operating profits fell by 4.6% to JYN24.15bn.
Sales in Kirin's domestic brewery division fell by 5.3% to JYN142.4bn in the quarter, while operating profits dropped from JYN3.6bn to JYN0.5bn.
In Australia, the group's Lion unit saw sales in the three months up 19.3% to JYN127.6bn. Operating profits edged up to JYN19.4bn.
On Lion, the company said the unit remains "focussed on sustainable cost reduction and brand investment and innovation, to drive value in the market".
It said that net profits were "up sharply" due to gains from the sale of "investment securities" in conjunction with the sale of F&N. In February, the group said it was selling its 15% stake in F&N to TCC Assets for around SGD2bn (US$1.6bn).
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