Tsingtao Brewery's First-Half Profit Rises Despite Sluggish Sales

Dow Jones08-30

By Sherry Qin

Tsingtao Brewery's first-half net profit rose 6.3% compared with the same period a year earlier despite lower sales amid weak domestic demand for beer.

The Chinese brewery's first-half net profit reached 3.64 billion yuan, equivalent to $512.8 million, it said on early Friday.

Its revenue dropped 7.0% to CNY20.07 billion, which the company attributed to "a sluggish recovery in consumption" in the Chinese domestic beer market. Revenue from its mainland China market was CNY19.72 billion, down 7.1%.

Tsingtao didn't declare an interim dividend.

Write to Sherry Qin at sherry.qin@wsj.com

(END) Dow Jones Newswires

August 29, 2024 21:14 ET (01:14 GMT)

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