CHINA: Chongqing Q3 net profit slides

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Chongqing Brewery has posted a fall in Q3 net profit. The Chinese brewer has seen its net profit tumble in the three-month period by 12.99% to RMB18.02m (US$2.18m) from RMB20.71m in the corresponding period last year. Total revenue in the quarter rose, however, by 20%, hitting RMB445.42m.

No reason was provided for the dip in net profit.

Earnings-per-share for the July-September period fell from RMB0.08 last year to RMB0.07.

For the first nine months of this year, Chongqing has seen net profit rise by 9.46% year-on-year to RMB50.22m. In volume terms, the brewer sold 524,599 kilolitres of beer, a rise of 43.46%, with total revenue rising by 33.24% against the same period last year, reaching RMB1.02 bln.

The company did not make an earnings forecast for the full year.

In February, Scottish & Newcastle signed an agreement to buy a 19.51% stake in Chongqing Brewery for RMB525m, pending approval from the government. After the deal, S&N will become the second-largest shareholder, with Chongqing Brewery Group remaining the largest shareholder with a 34.55% stake.

Sectors: Beer & cider

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