11 August, 2006

Japan: Kirin Brewery Co. posts 20 pct rise in 1H 2006 profit

Japan's Kirin Brewery Co. reported a 20 percent rise in first-half operating profit on strong sales of its beer-like drinks and stuck to its full-year forecast, Reuters communicated August 10. Kirin, which topped rival Asahi Breweries as Japan's biggest beer maker in the half year, said its group operating profit came to 44.99 billion yen (US$391 million) for the six months ended June, against 37.53 billion yen a year earlier.

For the year to December, Kirin said it kept its forecast of a profit of 117 billion yen. That compares with a consensus projection of 124.8 billion yen in a poll of 12 analysts by Reuters Estimates. Kirin's strength comes from the popularity of its low-priced beer-like drinks, or so-called third-type beer, whose sales doubled in the first half, taking a 41 percent share in the growing segment.

Its total beer sales, including regular beer, low-malt "happoshu" brew and beer-like drinks, rose 10.7 percent in the January-June period, giving it a 37.6 percent domestic market share. Asahi's share dropped to 37.3 percent.

Shares in Kirin rose 31 percent in the first half, outperforming an 11 percent gain in the Tokyo Stock Exchange's food subindex.

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