08 August, 2003

The Japanese brewer Asahi Breweries has seen its net profit in the first half of the year fall 23% to ¥8.2 billion (US$66.7m). Tax increases on low-malt beer have been blamed for a fall in sales.

The company's operating profit fell 20.2% to ¥21.6 billion. Given the results and the general poor outlook of the hyper-competitive Japanese beer market, Asahi cut its full year outlook to net profit of ¥21 billion, and an operating profit of ¥66 billion. Originally it had forecast net profit of ¥26 billion, and an operating profit of ¥73 billion.

Although total group sales for the first half were up 0.9% to ¥639.7 billion yen, revenues from its beer division slipped 5.8% on year. 'Happoshu' or low-malted beer products fell 30.2% in May and 16% in June on a year-earlier comparison.

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