China: Tsingtao Brewery sees 13.8% first-half net profit increase despite drop in sales revenue caused by Covid-19
Tsingtao Brewery Co., Ltd., one of the top breweries in China and maker of Tsingtao Beer, reported a 13.8 percent increase in net profit in the starting half of the current year 2020 in spite of a drop in sales revenue in the middle of the coronavirus outbreak, Menafn.com reported on August 31.
Net profits of the company that are attributable to its shareholders stood at 1.85 billion yuan (around USD269 million), the company said in its interim financial report that was released with the Shanghai Stock Exchange.
Tsingtao Brewery, that is listed in both Shanghai and Hong Kong, saw a revenue of 15.68 billion yuan in the period, reporting a yearly decline of 5.27 percent.
The company sold a total of 4.41 million kilolitres of beer in the cited period, out of the total, sales of its main brand Tsingtao Beer reached 2.09 million kilolitres.
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