Ts­ing­tao profit falls as China slow­down curbs beer drink­ing

The Pak Banker - - 6BUSINESS -

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.

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