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Japanese beverage maker Asahi reports quarterly profit surge

Japanese beverage producer Asahi Group Holdings Ltd. on May 8 reported a year-over-year profit surge for the first quarter, but projected only a slight increase for the entire year.

Profit attributable to owners of parent jumped to ¥14.80 billion, or ¥32.30 per share, in the quarter that ended March 31, from ¥2.79 billion, or ¥6.09 per share, in the year-ago period.

Operating profit came in at ¥24.80 billion, up from ¥13.64 billion a year earlier, and core operating profit rose to ¥24.07 billion from ¥14.99 billion.

Revenue for the quarter increased year over year to ¥442.09 billion from ¥379.18 billion.

For the full year, Asahi said it was expecting profits attributable to owners of parent of ¥142.00 billion, up 0.7% from the previous year. Revenue was forecast to be at ¥2.140 trillion, 2.6% higher than the previous year.

Full-year operating profit was projected to increase 9.2% to ¥200.00 billion, and core operating profit was expected to rise 12% to ¥220.00 billion.

As of May 8, US$1 was equivalent to ¥109.30.