HONG KONG: Tsingtao Q3 profits dip
Tsingtao Brewery has posted a drop in Q3 net profit. The Chinese company announced today (27 October) that net profit for the three months to 30 September fell by 3.7% year-on-year to RMB138.3m (US$16.7m) as higher costs hit margins.
Revenue for the quarter was up, however, hitting RMB2.75 bln compared to RMB2.4 bln in the corresponding period last year.
Operating costs, including administrative and distribution expenses, rose by 13% in the quarter, reaching RMB683.5m, compared with RMB604.9m a year earlier. No reason was provided for the rising costs, but the company did concede that competition had been relatively tough during the three-month period.
For the nine months of 2004, Tsingtao has seen net profits rise to RMB286.5m from RMB260m in the same period last year. In terms of volume, the company sold 31.3m hectolitres of beer in the nine-month period, a rise of 14% year-on-year.
Sectors: Beer & cider
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