Japanese conglomerate Kirin Holdings has lowered its net income forecast for fiscal 2008, citing currency exchange and goodwill losses.

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Kirin revised its net income prediction from JPY104bn (US$1.16bn) down to JPY80bn yesterday (26 January).


The company said that it had made a loss in foreign currency translation in yen-based loans arranged at Kirin’s Australian subsidiary, due to the fast appreciation of the Japanese yen against the Australian dollar.


The company also lowered its consolidated sales outlook from JPY2.32trn to JPY2.3trn.


Kirin, which has interests in beverage alcohol, soft drinks and dairy foods, is the owner of Dairy Farmers, the Australian business it bought last year for A$910m (US$604m).

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