Apr. 27, 2012 (China Knowledge) - Tsingtao Brewery Co Ltd<600600
>, a major beer brewery in China, reaped RMB 450.56 million or US$71.7 million in net profit in the first quarter of this year, up 15% year on year from RMB 393.39 million.
The growth, however, was slower than the 40% jump of net profit from a year earlier, sources reported.
In the three months ended Mar. 31, 2012, the Shanghai
and Hong Kong-listed
firm's revenue increased by 6.9% year on year to RMB 5.6 billion from RMB 5.24 billion.
The company sold 16.4 million hectoliters of beer in the first quarter, an increase of 8.9% on the same period a year ago. The beer supplier attributed the slow sales growth to slow-down domestic economy and the weather for restricting the beer sales.
At the end of last month, the company had RMB 22.26 billion in total assets, whereas it had RMB 21.63 billion as of Dec. 31, 2011, representing an increase of 2.9%.