4 Major Japanese Brewers Log Sales Drops in Jan.-June
Tokyo, Aug. 7 (Jiji Press)--Four major Japanese brewers have reported January-June sales falls, as temporary closures of bars and restaurants due to the coronavirus pandemic dragged down domestic and overseas sales of beer and other beverages.
Sapporo Holdings Ltd. <2501> posted a first-half consolidated net loss for the fourth consecutive year, while Suntory Holdings Ltd. and Asahi Group Holdings Ltd. <2502> incurred year-on-year profit slumps.
Sapporo braces for its first annual net loss in 22 years for the full year through December, as no rapid recovery is expected.
Kirin Holdings Co. <2503> revised down its earnings forecasts, while Suntory withdrew its estimates. Asahi expects revenue and profit falls.
For January-June, sales of beer and quasi-beer products declined at all four companies. Business suspensions and shortened operating hours at bars and restaurants depressed sales of beers, which have wide profit margins.
[Copyright The Jiji Press, Ltd.]