Kirin H1 Net Profits Slide

Kirin Holdings Company’s net profit for the first half of the year has declined 52% due to lower profits from securities sales.

During the period, the Japanese beverage maker posted a net profit of JPY7.16bn ($84m) compared with JPY14.96bn ($175m) in the previous year.

Kirin, which holds a 100% stake in Australia’s Lion Nathan and a 48% stake in San Miguel Brewery, reported a 4.7% fall in sales to JPY1.010tn ($11.8bn) from JPY1.060tn ($12.4bn) in 2009.

The company said cost reductions helped it post a 49% rise in operating profit to JPY59.83bn ($701m).

Mercian, which is 50%-owned by Kirin, said it expects to have a loss of JPY2.3bn ($26m) for the year ending 31 December.

For the full fiscal year, the company cut its net profit outlook to JPY35bn ($410m) from JPY48bn ($562m).