[Australia] Kirin Brewery Reports Beer Sales Growth Slows

Kirin Holdings has cut its 2015 sales forecast because of a weaker outlook for its domestic beer operations and slower growth in its Australian subsidiary. Sales will reach at least ¥2.3 trillion by 2015, lower than an earlier projection of ¥3 trillion, the brewer said recently in a statement to the Tokyo Stock Exchange. Operating profits in 2015 will probably be more than ¥180/BN, according to the company's estimate. Kirin and competitors Sapporo Holdings Ltd and Asahi Group Holdings Ltd are making investments overseas as beer demand slumps at home. Beer sales in Japan fell 3.7% in 2011 to 442/M cases last year, the lowest level since records began in 1992.