Kirin Holdings today (27 July) raised its profit forecast for the January to July period, citing fluctuations in the exchange rate.

The Tokyo-based food and beverage giant said that it would see a currency related gain on the yen denominated group loans of its Australian subsidiaries.

The company said it now expects ordinary income to total JPY56bn (US$589m), 47.4% higher than its previous forecast, while consolidated net income is forecast at JPY14bn, 40% higher than previously forecast.

The company’s interim results are scheduled to be published on 6 August.

Kirin, the owner of Australia’s Dairy Farmers and National Foods, is currently in merger talks with fellow Japanese food and drink group Suntory.