China: China Resources Beer posts 11.5% drop in first-half net profit
China Resources Beer (Holdings) Co. posted an 11.5% drop in first-half net profit due to higher costs, warning that it expects price pressures from raw material and packaging costs to persist, The Morning Star reported on August 17.
Net profit for the period ended June came in at 3.80 billion yuan (U$559.8 million), while revenue rose 7% from the previous year to CNY21.01 billion, the company said Wednesday.
The results were affected by geopolitical issues and global supply-chain disruptions, as well as the pricing pressures, the company said.
As of June 30, the group's consolidated cash and bank deposits amounted to CNY14.43 billion and its borrowings during the period, including a short-term loan, were at CNY800 million.
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