• Bloomberg

  • SHARE

Kirin Holdings Co., the nation’s biggest beverage maker, has cut its full-year profit forecast by 27 percent, as the company took charges related to improper business transactions at one of its units.

Net income may total ¥35 billion for the year ending Dec. 31, compared with its previous estimate of ¥48 billion, Kirin announced Monday. The company reduced its sales goal by 1.8 percent to ¥2.18 trillion.

Kirin will take a one-time charge of ¥5.6 billion this year after its Mercian Corp. wine unit said one of its divisions had inflated earnings figures, according to spokeswoman Yuko Kusano. Kirin cut its revenue estimate because domestic sales were weaker than expected in the first half, Kusano said.

Mercian, 50 percent owned by Kirin, said last Thursday it expects to have a loss of ¥2.3 billion for the year ending Dec. 31, reversing an earlier profit estimate of ¥800 million.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW