JAPAN: Kirin net profit up 35% in H1
Group sales for the first half rose by 0.7% from Y727.89 billion to Y732.81 billion.
Although sales growth was modest, it was ahead of the market which declined, and ahead of Kirin's main competitors. As a whole, the beer market was down by 7.7% in the same period.
The company said that a streamlining programme had resulted in an 11% increase in operating profits to Y37.58 billion.
Beer sales fell by 6.6% in the first half in volume terms and Kirin said that the rise in excise duty on happoshu low-malt beer reduced operating profit for the half by Y9.6 billion.
However, the company's first-half performance was boosted by an improved dividend from the Australian beer and wine group, Lion Nathan, in which Kirin owns a 46% stake.
The company has reduced its forecast for the full year to the end of December. It is now expecting to post a group operating profit of Y90 billion and a net profit of Y33 billion on sales of Y1.61 trillion. Its previous guidance predicted a group net profit of Y39 billion, an operating profit of Y100 billion and turnover of Y1.67 trillion.
The company expects its beer volumes to fall by 6.3% for the full year, whereas it had previously been predicting flat volumes.
After some less than successful diversification in recent years, Lion Nathan is focusing its attentions back on beer and winning the approval of analysts in the process. The company looks set to gain ...
Integrating spirits, wine and beer has proved problematic for major drinks groups over the years but expansionary moves by the two major Australian brewers, Foster's Group and Lion Nathan, suggest tha...
Lion Nathan has appointed a new non-executive director....
Coopers Brewery is fighting the takeover attempt from fellow Australian brewer Lion Nathan....
Lion Nathan today announced that it intends to make an off-market offer for Coopers Brewery Ltd (Coopers). The offer of A$260 per share in cash values Coopers at A$352m....
Lion Nathan has received further assurances that it is not about to be taken over....
Lion Nathan has played down speculation that it may be the subject of a takeover....
Lion Nathan has said it is on target to reach its full-year net profit after tax forecast for 2005 of between A$230m and A$235m before one-off charges....
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