Hong Kong: China Resources’ brewery posted a 20% rise in overall beer sales
China Resource's brewery business recorded a loss of HK$35.7 million during the first quarter, widening from a loss of HK$15.5 million in the same quarter of last year. The brewery posted a 20% rise in overall beer sales, but some of its recently acquired breweries in eastern China were hit by a seasonal drop in demand.
China Resources Enterprise Ltd. announced on May 31 its first-quarter net profit more than doubled on the strong performance of its retail operations. The company reported a net profit of HK$660.1 million in the first quarter of 2005 ended March 31, up from HK$319.9 million a year earlier. Company’s revenue rose to HK$12.13 billion from HK$10.92 billion.
During the quarter, the company's supermarket operations posted a 97% jump in earnings.
The profits were partly boosted by the revaluation of the company's properties and related accounting adjustments. Without those accounting adjustments, China Resources said its first-quarter net profit would have been HK$451 million. The company said it also gained HK$84 million from the disposal of its remaining 10.5% stake in Qingdao Qirun Petrochemical Co.
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