Kirin Holdings Fiscal Year Profit Rises From Year-Earlier
02/14/2013| 02:15am US/Eastern
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TOKYO--Kirin Holdings Co. (>> Kirin Holdings Company, Limited.) said Thursday its net profit grew more than seven-fold from the previous year, when it booked massive one-off losses stemming from securities valuations and damage from the March 11 earthquake.
The Tokyo-based company, which holds a 100% stake in Australia's Lion Nathan Ltd. (LNN.AU) and 48% of San Miguel Brewery Inc. (>> San Miguel Brewery, Inc.) in the Philippines, posted a net profit of Y56.20 billion, compared with a year-earlier profit of Y7.41 billion.
Sales in the latest reporting period amounted to Y2.186 trillion, up 5.5% from Y2.071 trillion a year earlier, after the inclusion of Brazilian brewer Schincariol in its results. Operating profit gained 7.1% to Y153.02 billion from Y142.86 billion.
For this fiscal year ending December, the company is predicting a 60% gain in net profit to Y90 billion with a 4.7% rise in sales to Y2.290 trillion.
The net profit outlook has taken into account that the company will book a Y47 billion one-off profit before tax for this business year from the sale of its entire stake in Fraser & Neave Ltd. (F99.SG) to TCC Assets Ltd., owned by a Thai billionaire, after a heated takeover battle.
Kirin's earnings are based on Japanese accounting standards.
Write to Hiroyuki Kachi at Hiroyuki.Kachi@dowjones.com
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