Tsingtao’s Cumulative Nine-Month Net Profit Boosted by a One-Time Gain; FVE Intact
Tsingtao’s cumulative nine-month net profit of CNY 1.8 billion, up 5.4% year over year, was boosted by a one-time gain of CNY 307 million due to nonoperating income and investment income, resulting from the acquisition of two companies held by Suntory China. After deducting the nonrecurring items, the company’s net profit declined 8.9% year on year to CNY 1.39 billion, largely in line with our expectation. The decline was primarily due to a 5.3% revenue decline and a 5.7% increase in selling and...
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