Business / Corporate Reports

China Resources Enterprise's Q1 profit slides 31%

(Agencies) Updated: 2014-05-26 15:23

Beer grows

CRE, which owns China's top beer brand Snow, saw its beer division return to the black with profit at HK$6 million for the quarter, against a HK$23 million loss a year earlier as it enhanced its product mix. Revenue from its beer division rose 20.3 percent to HK$7.88 billion, with beer sales volume increasing 12 percent to 2.58 million kilolitres.

Snow brand had a market share of 23 percent in volume terms at the end of 2013. Profit from its beverage division rose 25 percent to HK$10 million.

In April, Tsingtao Brewery Co Ltd said its first-quarter net profit rose 20 percent on higher sales. China's second-biggest brewer by volume said it held around 17.2 percent share of the market last year.

CRE is controlled by China Resources (Holdings) Co Ltd, which in April appointed China Merchants Group's former chairman Fu Yuning as its new chief, replacing Song Lin who is being investigated by Chinese authorities.

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