JAPAN: Food business helps drive Kirin Q1 profit jump
The food interests of Japanese conglomerate Kirin Holdings have helped the business post a jump in operating profit for the first quarter of the year.
Kirin, which owns Australian businesses National Foods and Dairy Farmers, said today (7 May) its operating income more than doubled in the first quarter of 2010, climbing from JPY9.45bn (U$102m) a year ago to JPY23.85bn this year.
The result came as Kirin's soft drinks and food division swung to operating income of JPY124m from an operating loss of JPY3.96bn in the first quarter of 2009.
However, the division's sales tumbled 41.2% to JPY95.5bn due to a change in when National Foods reports its sales, Kirin said. Kirin's group sales were down 9.1% at JPY442.77bn.
A series of one-off charges, including integration costs and impairment losses, meant Kirin booked a net loss of JPY6.17bn. In the first quarter of 2009, Kirin reported net income of JPY6.16bn.
Kirin Holdings has reported a 42% drop in net profits for the first nine months of 2010, due to lower sales and one-off charges for restructuring and pensions....
Fraser & Neave announced plans today (20 October) to buy King's Creameries to expand its ice-cream business in Malaysia, Singapore and Thailand....
La Buena Vida has launched its tapas at home range in the UK....
National Foods has announced it will undertake an extensive review of its cheese manufacturing operations across Australia....
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