Japan: Kirin Holdings cuts full-year profit outlook

Japanese beverage maker Kirin Holdings Co Ltd on April 26 cut its full-year profit outlook, saying it was set to record an impairment loss related to a possible sale of its Australian unit Lion Pty Ltd's dairy and drinks business, Yahoo Finance reported.

Kirin, which had been reassessing the value of the subsidiary as it looked to sell the business, said it decided to recognise an impairment loss of around 57.1 billion yen ($511.56 million).

The company now expects a profit of 81.9 billion yen for the year through December, compared with a previous 139.0 billion yen forecast.

It also announced it was selling Lion's cheese business to Canada's Saputo Inc for 22.4 billion yen, a deal earlier reported in the Nikkei.

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