Kirin Holdings has cut its sales and profits forecast for the first half of 2010.
Kirin expects net sales to be JPY43bn (US$492m) for the six months to the end of June, 14% lower than previously predicted, the Japanese conglomerate said today (26 July).
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It added that net profits are expected to be JPY26bn, 7% lower than its earlier forecast, with operating profits set to be 14% lower at JPY29bn.
“The revision is due to smaller dividend income from affiliates than initially forecast,” said Kirin, which owns Australian businesses National Foods and Dairy Farmers.
Despite the worse-than-expected performance, the group said that it has not changed its full-year profits guidance.
For 2010, Kirin said in February that it expected net sales to fall by JPY58.4bn, to JPY2.22tn, and operating income to rise by JPY4.6bn to JPY133bn.
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By GlobalDataEarlier this year, the group reported a fall in sales and profits in 2009.
