China: China Resources Beer posts 29% rise in H1 net profit
China Resources Beer (Holdings) Co Ltd on August 17 posted a 29 percent rise in first-half net profit thanks to an increase in average selling prices and improved sales of higher-margin premium beers, Reuters reports.
The owner of the Snow beer brand said profit rose to 1.51 billion yuan ($219.35 million) for the six months ended June from 1.17 billion yuan year earlier.
Revenue increased l1.4 percent to 17.57 billion yuan.
The overall average selling price increased 13 percent from a year earlier amid moderate price adjustment of certain products and continuous growth in the proportion of mid- to high-end beer sales volume.
Heineken, the worlds No. 2 brewer, is taking a $3.1 billion stake in the parent of China Resources Beer, the countrys top brewer, to tap a growing thirst for premium brands in the worlds biggest beer market.
Shares of China Resources Beer fell 0.6 percent prior to the results statement, lagging 0.6 percent gain in the benchmark index.
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