China: China Resources Beer’s net profit up 20% in H1 2019

China Resources Beer's net profit rose 20% on year in the first half, boosted by increased sales volume and higher average sale prices.

The brewer made net profit of 1.87 billion yuan ($265.9 million) in the six months to June, while revenue grew 7.2% on year to CNY18.83 billion, it said in an earnings statement on August 16.

It declared an interim dividend per share of CNY0.12, up from CNY0.09 a year ago. Earnings per share for the half rose to CNY0.58 from CNY0.46.

The company expects competition in the industry to remain intense, and said it will continue bolstering its position in the premium market by leveraging its partnership with Dutch group Heineken NV.

China Resources Beer said it completed the acquisition of Heineken China in April.

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