Tsingtao Brewery : 9-Month Net Profit Up 15%

By P.R. Venkat

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.

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

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.

Write to P.R. Venkat at [e-mail]

(END) Dow Jones Newswires

10-29-20 1901ET