Japan: Asahi Breweries' 2006 operational profit to rise 1%
Japan's Asahi Breweries Ltd. is expected to report a 2006 operating profit of around 91 billion yen ($766 million), up 1 percent year-on-year but missing its own forecast by 4.5 billion yen, Reuters reported on December 28.
The paper said the maker of Super Dry beer would fall short of its sales target by 38 billion yen due to sluggish beer and beer-like drink sales, and group sales are seen totalling around 1.45 trillion yen in the year ending this month.
Asahi spokesman Yasuhiro Nakahara said the report was based on the paper's speculation. He added that the company would announce its 2006 results in early February.
Shares in Asahi were down 0.4 percent at 1,888 yen as of 0014 GMT, underperforming a 0.37 percent rise in the benchmark Nikkei average.
Asahi is likely to lose its position as the country's top beer maker to rival Kirin Brewery Co. this year. To boost sales, Asahi has introduced a series of new products in the second half of this year, but it has not been able to make up for a sales slump in the first half.
In August, the company slashed its full-year group operating profit forecast to 95.5 billion yen from 105 billion yen. The consensus profit projection is lower still at 90.6 billion yen, according to a poll of 14 analysts by Reuters Estimates.
Asahi's overall beer shipments, including low-malt happoshu and malt-free beer-like drinks, fell 4 percent in the January-November period. That was far below its latest sales volume forecast of a 1.4 percent rise this year, which the company cut from its initial forecast of a 3.4 percent increase.
The paper said the company would still be able to report a year-on-year rise in profit because of strong results from its soft drink unit, Asahi Soft Drinks.
Despite sluggish earnings, Asahi is expected to hike its dividend payment by 1-2 yen from 17 yen last year to meet its dividend payout ratio of more than 20 percent, the paper said.
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