Familymart lifts profit target

Taiwan Familymart Co (全家) raised its pretax profit forecast for this year by two-fifths, citing rising alcohol and cigarette prices. The nation's second-largest convenience store operator forecasts pretax profit of NT$371.9 million (US$11 million), compared to its March forecast of NT$265.4 million. Taiwan's entry in the WTO required the government to drop subsidies on locally made alcohol and cigarettes. That sent prices up. Taiwan Familymart also cited unseasonably hot weather this year, improving sales of such items as soft drinks and ice cream.