Tsingtao profit falls as China slowdown curbs beer drinking
BEIJING: China's second-largest brewer, Tsingtao Brewery Co., reported a 14 percent drop in 2015 earnings after an economic slowdown and a consumer shift to different types of alcoholic beverages hurt beer demand.
Net income was 1.71 billion yuan ($263 million) last year, down from 1.99 billion yuan a year earlier, according to a statement sent to the Hong Kong stock exchange on Monday. That compared with the average forecast of 1.68 billion yuan by 11 analysts compiled by Bloomberg.
Sales fell 4.9 percent to 27.6 billion yuan. Analysts had estimated 27.5 billion yuan for the beermaker, based in the eastern port city of Qingdao. The stock dropped as much as 1.7 percent to HK$28.60 in Hong Kong trading Tuesday, while the Hang Seng Index was little changed.