China Resources’ profit jumps on rising sales
May 31, 2010 Category Retail, Weekly
China Resources Enterprise (CRE) said it is well placed to benefit from China’s rebounding economy, as it posted healthy profit growth on the strong performance of its beer and supermarket operations. The group, which produces Snow beer with SABMiller, said first quarter profit rose to HKD3.73 billion from HKD417 million a year earlier, including a HKD3.01 billion gain from the disposal of its stake in fashion group Esprit. The company’s underlying consolidated net profit from continuing operations increased by 25.6%, as revenue rose to HKD21.51 billion from HKD17.17 billion a year earlier. CRE’s beverage sales rose 13.5% to HKD4.46 billion, accounting for more than 20% of the quarter’s revenue. The sales volume of beer rose 10.4% to 1.73 million kiloliters, with growth coming mainly from newly built and newly acquired breweries. Sales of the Snow brand rose 16.1% to 1.55 million kiloliters in the first quarter of this year, accounting for 89.6% of the total sales volume. The company operated more than 70 breweries in China as of the end of March, with an annual production capacity exceeding 14 million kiloliters. As the largest brewer by volume in China, the company had about a 19% market share as of the end of last year.
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