HONG KONG: Massive rise in Q1 for CRE
China Resources Enterprise Ltd. net profit in Q1 has leapt, while its beverage business recorded a reduced net loss. The company said yesterday that net profit for the three months to 31 March rose by 17% to HK$349m (US$44.78m) from HK$298.5m a year earlier.
Revenue also rose markedly, to HK$10.92 billion from HK$8.1 billion. Earnings per share rose to HK$0.17 from HK$0.14.
The company's beverage business recorded a smaller net loss in the first quarter than a year earlier, although no financial data was provided. It said its Sichuan and Dalian breweries posted strong growth, and its purified water business also reported an improved performance. Beer sales rose by 11.3% in the quarter to 516,000 kilolitres.
CRE's retail operations recorded the biggest change, with net profit reaching HK$58.1m from a net loss of HK$8.1m a year earlier, as revenue rose by 59% to HK$3.72 billion.
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