Japan: Suntory, Asahi post higher profits for the first half of this year

Japanese brewers Suntory Holdings Ltd. and Asahi Group Holdings Ltd. posted higher profits for the first half of this year as rising sales and price increases offset the negative impact of soaring ingredient costs, nippon.com reported on August 10.

Rival Kirin Holdings Co. reported a sharp profit decrease, while another rival, Sapporo Holdings Ltd., posted a wider loss.

Suntory's net profit rose 16.3 pct from a year before to 86 billion yen, marking the highest level for any first-half period thanks to robust sales of canned beer for households and soft drinks.

Asahi's net profit climbed 15.4 pct to 65.7 billion yen, aided by a recovery in sales to bars and restaurants and bullish overseas operations. The company raised its net profit forecast for the full year by 3.5 billion yen to 161 billion yen.

Beer was less affected by consumer restraints amid a string of food price increases, Asahi Chief Financial Officer Kaoru Sakita told a press conference on August 9.

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