The Chinese brewing concern, Harbin Brewery Group Ltd, posted a net profit of HK$45.76m (US$5.86m) in the first six months of the current fiscal year, down by 14% from HK$53.22m in the first half of last year.
Harbin, the country’s fourth largest brewer, attributed the decline to the impact of the SARS epidemic which squeezed business in bars and restaurants.
“With stringent cost-control measures and effective management practices, the group is set to recapture its market share and a higher profit margin in the second half of this year, so as to make up for the undesirable outcomes caused by SARS,” said CEO, Peter Lo.
Turnover in the first six months rose by 20% to HK$658.1m but Harbin said the percentage of sales represented by premium brands declined. The company’s premium beer sales to restaurants and bars fell by 20% in May and June, the company said.
Earlier in the year, Harbin agreed to sell a 30% stake to the international beer group, SABMiller.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData