China: Tsingtao Brewery sees 15.2% increase in nine-month net profit

Tsingtao Brewery Co. reported a 15.2% increase in its nine-month net profit, mainly due to a drop in credit impairment losses, but revenue remained weak due to the lingering impact of Covid-19 pandemic, Morningstar.com reported on October 29.

Net profit was 2.98 billion yuan ($443.49 million), while revenue fell nearly 2% to CNY24.42 billion, the brewer said.

Tsingtao, one of China's largest breweries, said it suffered a decline in the sales volume of its core products during the reporting period as a result of the pandemic.