The Japanese brewer Asahi Breweries has seen its net profit in the first half of the year fall 23% to Ґ8.2 billion (US$66.7m). Tax increases on low-malt beer have been blamed for a fall in sales.
The company's operating profit fell 20.2% to Ґ21.6 billion. Given the results and the general poor outlook of the hyper-competitive Japanese beer market, Asahi cut its full year outlook to net profit of Ґ21 billion, and an operating profit of Ґ66 billion. Originally it had forecast net profit of Ґ26 billion, and an operating profit of Ґ73 billion.
Although total group sales for the first half were up 0.9% to Ґ639.7 billion yen, revenues from its beer division slipped 5.8% on year. 'Happoshu' or low-malted beer products fell 30.2% in May and 16% in June on a year-earlier comparison.
08 August, 2003
