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).
Go deeper with GlobalData
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataEarlier this year, the group reported a fall in sales and profits in 2009.
