Source: China Retail News
Chinese brewery Yanjing Beer has published its annual results for 2011, stating that its net profit increased by 6.15% during the reporting period.
The company said that during the entire year of 2011, it realized operating revenue of CNY12.136 billion, a year-on-year increase of 17.85%; its net profit reached CNY817 million, a year-on-year increase of 6.15%; and its sales of beer reached 5.506 million kiloliter, a year-on-year increase of 10.75%.
With the announcement of this report, the three major breweries in China – Tsingtao, China Resources Snow Breweries, and Yanjing – have all released annual financial results for 2011, and all of them reported growth of sales income and net profit. China Resources Snow Breweries topped the market with sales of 10.235 million kiloliter, followed by Tsingtao with sales of 7.15 million kiloliter.
Yanjing said in its report that due to the increase of costs, its gross margin declined and its operating profit decreased by 8.59% year-on-year in 2011. The report also said that Yanjing’s other expenditure surged in 2011, including a 30.87% increase of operating costs, a 20.75% increase of management costs, and a 166.61% increase of financial costs.