Tsingtao Brewery's First-Half Profit Rises Despite Sluggish Sales
Provided by
Dow Jones
By Sherry Qin
Tsingtao Brewery's first-half net profit rose 6.3% compared with the same period a year earlier despite lower sales amid weak domestic demand for beer.
The Chinese brewery's first-half net profit reached 3.64 billion yuan, equivalent to $512.8 million, it said on early Friday.
Its revenue dropped 7.0% to CNY20.07 billion, which the company attributed to "a sluggish recovery in consumption" in the Chinese domestic beer market. Revenue from its mainland China market was CNY19.72 billion, down 7.1%.
Tsingtao didn't declare an interim dividend.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
August 29, 2024 21:29 ET (01:29 GMT)
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