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Myanmar Crisis

Kirin forecasts profit growth in Myanmar despite coup

Japanese brewer seeks new joint-venture partner to replace military-linked group

Kirin's business in Myanmar has expanded rapidly, but the coup has thrown a wrench into the Japanese brewer's plans there. (Source photos by Yuichi Nitta and Yoichi Iwata) 

TOKYO -- Kirin Holdings on Monday raised its full-year net income forecast for the year through December to 103 billion yen ($980 million), up 43.2% from a year earlier, after the drinks company announced its intention to extricate itself from joint ventures with a military-linked partner in Myanmar.

The Japanese brewer announced it expects its Myanmar business to pull in 16 billion yen in operating profit for 2021, up 15.5% from 2020. The company says "it is currently examining the impact" of consequences from the country's military putsch, which include a beer boycott, but its forecast is based on the assumption that business in the country will continue as usual, despite the uncertainties.

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