Kirin Holdings, one of Japan’s top beer companies, said yesterday net profit dropped more than half in the first six months and cut its full-year forecast due to charges related to a subsidiary that fudged records.
Kirin, which owns Australia’s Lion Nathan Ltd and has a 48 percent stake in San Miguel Brewery of the Philippines, signed an agreement last month to become the largest shareholder of Singapore’s Fraser & Neave, which produces Tiger and Heineken beers.
The group said net profit fell 52.2 percent to ¥7.16 billion (US$83 million) in the January-to-June period, although operating profit surged 48.9 percent to ¥59.83 billion. Revenue was 4.7 percent lower at ¥1.01 trillion.
The company incurred losses after subsidiary Mercian Corp’s fish feed division was charged with inflating earnings since 2005. Kirin has invited third-party investigators who will issue a report in November.
For the full year to December the group expects net profit to fall 28.8 percent to ¥35 billion on operating profit of ¥133 billion, up 3.6 percent. Revenue is forecast to drop 4.3 percent to ¥2.18 trillion.
The Japanese company has looked to invest in growing markets in Asia to offset a sluggish demand picture at home, with many firms increasingly hamstrung by a shrinking population and weak economy.
“I think we can cover Southeast Asia and we are looking to see in which countries we can find partners. Expansion of our overseas businesses will speed up,” Kirin CEO Senji Miyake said.
“We are very attracted by the beverage businesses that Fraser & Neave owns,” he added, although he declined from citing names.
He said that the group’s focus was currently Southeast Asia and not China, where copycat drinks have been a stumbling block.
“It is not time yet to expand in that region,” he said.
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