China Resources Beer's First-Half Net Profit Jumps 22%

By Sherry Qin

China Resources Beer's first-half net profit jumped 22% as beer consumption recovered with the reopening of China's economy.

Net profit for six months ended June was 4.65 billion yuan (US$638.6 million), while revenue rose 14% from the previous year to CNY23.87 billion, the company said Friday.

The liquor company attributed the rise in profits to increased sales as consumer sentiment improved.

The average selling price of its beer increased 4.4% on year in first half, it said.

Looking forward, China Resources Beer will "focus on expanding scale, improving quality, strengthening its foundation, optimizing pricing with modest adjustments, streamlining expenses and managing stores with more precision," Executive Director Hou Xiaohai said.

Write to Sherry Qin at [e-mail]

(END) Dow Jones Newswires

08-18-23 0052ET