China: Tsingtao Brewery’s first-half net profit up 18.1%

Tsingtao Brewery Co.'s first-half net profit rose 18.1% supported by higher beer sales and increased contributions from its associate and joint venture companies.

Net profit for the period ended June was 2.85 billion yuan ($362.75 million), with revenue increasing 5.4% annually to CNY19.27 billion, Tsingtao said late on August 25.

However, the company said its domestic beer production was hit in the first half due to Covid-19 curbs in mainland China.

The brewer's overseas market achieved a 21% year-on-year increase in sales.

As of end June, Tsingtao's cash at hand rose to CNY17.59 billion compared with CNY14.60 billion a year earlier.

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