Tsingtao Brewery posts 13.8% profit growth in H1

JINAN - Tsingtao Brewery Co Ltd, China's major brewery and producer of Tsingtao Beer, posted 13.8 percent year-on-year net profit growth in the first half of 2020 despite a fall in sales revenue amid the COVID-19 epidemic.

Net profit attributable to its shareholders reached 1.85 billion yuan ($269 million), the Qingdao-based company said in its interim financial report filed with the Shanghai Stock Exchange.

Tsingtao Brewery, listed both in Shanghai and Hong Kong, generated revenue of 15.68 billion yuan in the January-June period, an annual decrease of 5.27 percent.

During the six months, the company sold 4.41 million kiloliters of beer. Among the total, sales of its main brand Tsingtao Beer hit 2.09 million kiloliters.