CANADA: Noble China Reports Second Quarter Results
Noble China Inc. (TSE:NMO.) reported net earnings for the three months ended June 30, 2000 of $732,000 ($0.07 per share) compared with $1.6 million ($0.15 per share) in the same period last year. Noble China's results for the second quarter of 2000 reflected continuing difficult conditions for sales of premium beer in China. Net sales of Pabst Blue Ribbon by the Zhaoqing Noble Brewery for the three months ended June 30, 2000 were $14.0 million compared with $15.7 million for the same period in 1999, a decrease of 10.8%. The volume of beer produced by the Brewery and sold to the Marketing Company was 305,000 hectolitres compared with 340,000 hectolitres in 1999, a decrease of 10.3%. For the six months ended June 30, 2000, net earnings were $2.1 million, or $0.21 per share (1999: $3.0 million, or $0.28 per share) on sales of $28.2 million (1999: $32.3 million). Total volume produced was 605,000 hectolitres compared with 670,000 hectolitres in the first half of 1999, a decrease of 9.7%. The decline in sales continues to be of concern to the Company and, as indicated at the Annual Meeting in late June, management is actively involved in discussions with our Chinese partners to restructure the Pabst Blue Ribbon business in China to address this and other consolidation opportunities.
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