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China Resources Beer stock climbs on colossal profit boost

Shares in China Resources Beer (Holdings) rallied here Thursday on news of a whopping 460% jump in net profit on the year for the January-March quarter.

The issue peaked at 16.22 Hong Kong dollars ($2.09) before closing up 6.33% at HK$16.12.

The leading Chinese brewer announced around lunchtime Thursday that net profit for the period totaled 442 million yuan ($68.2 million).

Profit increased on "the growth in premium beer sales volume," the company said. The brewer also enjoyed smaller material costs and selling and distribution expenses. Sales gained 2% on the year to 6.85 billion yuan.

China Resources Beer has been shifting focus to expensive, more profitable beers amid a shrinking Chinese beer market. It turned China Resources Snow Breweries from a joint venture with U.K.-based SABMiller into a wholly owned subsidiary in March.

22 Apr. 2016

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