Kirin Holdings has lowered its full-year profit forecast by a quarter, after saying it would incur costs related to the closure of two local breweries. The group, which is Japan’s biggest beverage maker, said it now expects a net profit of 45bn yen ($497m) for the year ending December, compared with its August forecast of 60bn yen. Kirin has earlier said it will end production at its Tochigi and Hokuriku plants next year to reduce excess capacity.

However, the group raised its full-year operating profit forecast by 4% to 130bn yen, citing higher earnings at its drug unit and cost cuts. It also reaffirmed its sales forecast of 2.3trn yen.

NamNews - Friday 6th November 2009

 

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