Company News

Japan's Kirin cuts full-year profit outlook on Lion unit impairment

TOKYO, April 26 (Reuters) - Japanese beverage maker Kirin Holdings Co Ltd on Friday cut its full-year profit outlook, saying it was set to record an impairment loss related to a possible sale of its Australian unit Lion Pty Ltd’s dairy and drinks business.

Kirin, which had been reassessing the value of the subsidiary as it looked to sell the business, said it decided to recognise an impairment loss of around 57.1 billion yen ($511.56 million).

The company now expects a profit of 81.9 billion yen for the year through December, compared with a previous 139.0 billion yen forecast.

It also announced it was selling Lion’s cheese business to Canada’s Saputo Inc for 22.4 billion yen, a deal earlier reported in the Nikkei.

$1 = 111.6200 yen Reporting by Ritsuko Ando; Editing by Rashmi Aich