By P.R. Venkat
Tsingtao Brewery Co. reported a 33.5% decline in its first-quarter net profit, as beer sales were severely impacted due to the Covid-19 pandemic.
Net profit was 537.18 million yuan ($75.91 million), while revenue fell 21% to CNY6.29 billion, the brewer said late Wednesday.
Tsingtao, one of China's largest brewer, said various consumption channels such as catering and night clubs were closed, which impacted sales volumes of its products in the Chinese market.
"Substantial decrease was seen in orders from overseas markets and exports as a result of the global pandemic," the company said.
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