China: Tsingtao Brewery posts 25.2% growth in first-half net profit
Tsingtao Brewery Co., Ltd., China's second-biggest brewery and producer of Tsingtao Beer, posted a 25.2 percent year-on-year growth in net profit in the first half of 2019, Xinhua reported on August 16.
Net profit attributable to shareholders reached 1.63 billion yuan (232 million U.S. dollars), the Qingdao-based company said in its interim results report filed to the Shanghai Stock Exchange.
Tsingtao Brewery, listed both in Shanghai and Hong Kong, generated a revenue of 16.55 billion yuan, an annual increase of 9.2 percent.
During the six months, it sold 4.73 million kiloliters of beer, up 3.6 percent year on year. Among the total, sales of its main brand Tsingtao Beer hit 2.36 million kiloliters, up 6.3 percent.
The sales and earnings growth came after it actively explored both domestic and overseas markets, optimized product structure and raised product prices to tackle rising costs in production materials, Tsingtao Brewery said.
The 116-year-old Tsingtao Brewery now sells its beer to more than 100 countries, with sales jumping over 50 percent in 11 overseas markets and doubling in five markets last year.
Boosted by the strong profit growth, shares of Tsingtao Brewery rose by the daily limit of 10 percent to 50.66 yuan in the morning trade on August 18 in Shanghai.
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