Asahi Breweries Ltd. (2502.TO) said Tuesday its net profit for the fiscal year ended Dec. 31 rose 11% from the previous year, thanks to strength in its domestic soft drink business and higher overseas sales after its purchase of Schweppes.
The Tokyo-based brewer and beverage maker, known for Japan’s best-selling beer “Asahi Super Dry,” posted a net profit of Y53.08 billion in the period, from Y47.64 billion in the previous year, marking the 10th straight yearly increase.
Sales gained 1.2% to Y1.489 trillion from Y1.472 trillion, while operating profit rose 15% to Y95.35 billion from Y82.78 billion.
Asahi’s $774 million purchase in 2009 of Schweppes, the drinks unit of Cadbury PLC’s Australian drinks business, and its Y5.3 billon purchase of House Foods Corp.’s (2810.TO) mineral water business last year, contributed to its top line. An unusually hot summer last year also buoyed its soft drink sales.
For the full fiscal year ending December 2011, the company predicts a 7.4% rise in net profit to Y57 billion and a 12% gain in operating profit to Y107 billion. Sales are estimated at Y1.49 trillion, almost flat compared with 2010.
The company’s earnings are based on Japanese accounting standards.
FY2010 Financial Results (pdf)