24 January, 2003

Japan's second-ranked brewing force, Kirin Brewery Co Ltd, has reported on January 23 that was likely to beat its net profit forecast of 26 billion yen ($220 million) for 2002 made last August, according to Reuters. A Kirin spokesman made the comments following a report in the Nihon Keizai Shimbun that the brewer was likely to post a 38 percent year-on-year rise in group net profit to 32 billion yen for the year ended in December.

"There is a high probability that we will surpass our forecast for net profit," spokesman Tomonori Ono said. Kirin could not give an exact figure for its profit outlook, but that the newspaper's assessment was not far off, the company said.
Kirin had cut its group net profit forecast for calendar 2002 in August to 26 billion yen from 29 billion yen due to fierce competition and falling revenues amid price-cutting.

But cost cuts, strong sales of "chuhai" alcoholic beverages and solid performances by its group companies are expected to enable it to beat its August forecast. ($1=118.31 yen)

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