Kirin Holdings has reported a significant return to net profit in its first quarter helped by the sale of its stake in Fraser and Neave earlier this year. 

Group net profit in the three months to the end of March hit JYN54.3bn (US$550m), in contrast to last year’s loss of JYN3bn, the Japanese conglomerate said late last week. However, operating profit fell by 4.6% to JYN24.15bn.

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Kirin said its net profit was “up sharply” due to gains from the sale of “investment securities” in conjunction with the sale of F&N. In February, the group said it was selling its 15% stake in F&N to TCC Assets for around S$2bn (US$1.6bn).

Sales in this year’s first quarter were up by 4.7% to JYN520.6bn. 

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