Japan: Suntory’s Q2 operating profit declines on weakness in Asian markets
Suntory, the Japanese beverage and food group, fell as much as 8 per cent on August 8 after the company reported a fall in operating profit in the second quarter on weakness in its Asian markets, Financial Times reported.
The company reported operating profit for the first half grew 8 per cent to ¥43 bln ($388.2 mln) but fell 2 per cent in the second quarter. The fall in operating profit was partly owing to “greater-than-expected weakness in Asia”, a primary driver of growth, according to Credit Suisse.
Suntory shares were down 4.7 per cent at ¥5,240 in mid-morning trade, while the benchmark Topix index was down 0.1 per cent.
Suntroy’s full-year guidance remained unchanged with operating profit for the full year at ¥98 bln and net profit at ¥47 bln.
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