Japan: Kirin’s operating profit likely rose more than 10% last year - report
Kirin Holdings' group operating profit likely rose more than 10% to around 140 billion yen ($1.24 billion) for the fiscal year ended Dec. 31 as beers lost fizz but soft-drink sales bubbled up beyond expectations, Nikkei Asian Review reported on February 8.
The brewer's standing forecast has operating profit growing 7% to 134 billion yen.
Sales apparently slipped 6% to around 2.07 trillion yen. Shipments are seen down 5% in beer. The Ichiban Shibori flagship beer sold briskly, thanks to limited-edition flavors for each Japanese prefecture. But the Tanrei low-malt brand and Nodogoshi no-malt beer suffered. The segment's profits improved overall, partly on lower ingredient costs.
Overseas, Kirin enjoyed strong earnings from operations in Myanmar, in whose largest brewer the company purchased a majority stake in 2015. But in the Oceania region, beer and soft-drink sales failed to flourish against a strong yen.
The company’s fiscal 2016 earnings come out on Monday, February 13. For fiscal 2017, the company expects its beverage business to keep growing and plans to add a new flavor to the Nodogoshi lineup, targeting a 2% boost to beer sales. Profits should also improve once Kirin finalizes the sale of a Brazilian beer business that continues to face operating losses.
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