China: Tsingtao Brewery's first-half net profit rises 20.1%

Tsingtao Brewery's first-half net profit rose 20.1%, mainly supported by higher beer sales and cost controls, the Morning Star reported on August 27.

Net profit was 3.43 billion yuan ($470.5 million), while revenue was CNY21.59 billion, rising from CNY19.27 billion in the same period a year earlier, Tsingtao said Monday.

A significant portion of the revenue came from mainland China, followed by Hong Kong, it said. The company which is mainly engaged in the production and distribution of beer.

The lifting of Covid-19 curbs in China has seen a boost in consumption for companies like Tsingtao, which had suffered a drop in revenues and profitability due to the pandemic.

In the first half, the company realized cumulative product sales of 5.023 million kiloliters, up 6.5% on year, adding that after deducting non-recurring items, the company's profit was up 24.6% at CNY3.23 billion.

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