China: China Resources Beer sees first-half net profit rise 11%

China Resources Beer (Holdings) Co.'s net profit for the first half of the year rose 11%, as lower costs compensated for a drop in sales amid the Covid-19 pandemic, Morningstar.com reported on August 19.

Net profit rose to 2.08 billion yuan ($300.5 million) from CNY1.87 billion a year earlier, the company said.

Revenue fell 7.5% to CNY17.41 billion due to the effects of the pandemic, with overall beer sales volume falling 5.3%. But sales recovered in the second quarter to post better growth, the company said.

China Resources Beer declared an interim dividend of CNY0.128 a share, up from CNY0.12 a year ago.

E-malt.com, the global information source for the brewing and malting industry professionals. The bi-weekly E-malt.com Newsletters feature latest industry news, statistics in graphs and tables, world barley and malt prices, and other relevant information. Click here to get full access to E-malt.com. If you are a Castle Malting client, you can get free access to E-malt.com website and publications. Contact us for more information at marketing@castlemalting.com .