TOKYO, Feb. 16 (Xinhua) -- Japan's four major breweries reported growth in their sales and profits in 2023, according to their earnings reports.

Suntory Holdings Limited saw its revenue climb 10.6 percent year on year to a record 3.29 trillion yen (21.81 billion U.S. dollars), while sales of Asahi Group Holdings rose 10.3 pct to 2,769 billion yen, also hitting a record high.

Meanwhile, Kirin Holdings saw its revenue surpass 2 trillion yen for the first time since its transition to the current accounting standards. Sapporo Holdings saw a 60-percent increase in net profit.

According to the consolidated financial results released Friday, the companies managed to absorb the negative impacts of high raw material costs due to domestic price hikes and the tailwind of a weak yen, which led to strong performance in overseas markets.

Excluding Suntory Holdings, the rest three companies expected further increases in both revenue and profits in 2024.

Citing factors such as tax reforms in the United States, Suntory Holdings, however, is expected to see a decrease in net profit this year.

Meanwhile, as the domestic market for beer products might further shrink, all the four giants are focusing on strengthening beer sales and expanding overseas, amid stepped-up efforts in new areas such as the health sector. (1 U.S. dollar equals 150.52 Japanese yen) Enditem

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