China: Tsingtao brewery sees Q1 net profit drop by 33.5%

Tsingtao Brewery Co. reported a 33.5% decline in its first-quarter net profit, as beer sales were severely impacted due to the Covid-19 pandemic, Morningstar.com reported on April 30.

Net profit was 537.18 million yuan ($75.91 million), while revenue fell 21% to CNY6.29 billion, the brewer said.

Tsingtao, one of China's largest brewer, said various consumption channels such as catering and night clubs were closed, which impacted sales volumes of its products in the Chinese market.

"Substantial decrease was seen in orders from overseas markets and exports as a result of the global pandemic," the company said.