Tsingtao Brewery's Net Profit Rose Despite Slow Chinese Economy
Provided by
Dow Jones
By Tracy Qu
Tsingtao Brewery, one of the China's largest brewers, saw net profit rise last year despite a slow local economy.
The company said it developed more sources of income, cut costs and increased efficiency to achieve "sustainable and sound" revenue growth.
Net profit in 2023 increased 15.0% to 4.27 billion yuan ($591.6 million), while revenue rose 5.5% to CNY33.94 billion, the company said in a financial filing Wednesday.
The brewer said it expects to face challenges in the external market environment, but remains confident it can grab opportunities from technological revolutions and consumption upgrades.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
March 26, 2024 20:38 ET (00:38 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Markets Brief: AI Leaders Excel in Earnings Season
-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth