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China Resources triple profit in first half
By Wang Yanlin |
August 26, 2010, Thursday
|
Online Edition
Online Edition
CHINA Resources Enterprise Ltd, a consumer goods company and a partner of SABMiller Plc, reported today its first-half profit more than tripled after the consolidation of its businesses.
Net income surged to 4.24 billion Hong Kong dollar (US$545 million), or 1.77 HK dollar a share, from 1.16 billion HK dollar a year earlier in the first six months, according to a company statement filed to the Hong Kong Stock Exchange.
Sales increased 20 percent year on year to 42.6 billion HK dollar during the period.
"Following the sale of our entire interest in a brand-fashion distribution business in the Chinese mainland, the group focused on its core consumer goods business," Chairman Qiao Shibo said in the statement, adding a net gain of around 3 billion HK dollar from selling the entire stake in a clothing venture to partner Esprit Holdings Ltd.
The core business of the group now includes retail, beer, beverage and food processing and distribution.
Looking ahead, Qiao said a stable national economy formed a solid foundation for the company to improve performance.
"The consumer sentiment continued to pick up, helping the overall retail market," Qiao said. "We are actively seeking acquisition and cooperation opportunities to facilitate the growth of all our businesses."
Excessive rainfall and cooler weather in the second quarter affected the sales volume of the group's beer division to a certain extent. Qiao said the company will continue to optimize its distribution and increase marketing to woo consumers.
The company's shares fell 0.158 percent yesterday to 31.5 HK dollar, paring its gain this year to 9.4 percent. The benchmark Hang Seng Index has lost 5.8 percent this year.
The company proposed an interim dividend of 14 Hong Kong cents, same as last year.
Net income surged to 4.24 billion Hong Kong dollar (US$545 million), or 1.77 HK dollar a share, from 1.16 billion HK dollar a year earlier in the first six months, according to a company statement filed to the Hong Kong Stock Exchange.
Sales increased 20 percent year on year to 42.6 billion HK dollar during the period.
"Following the sale of our entire interest in a brand-fashion distribution business in the Chinese mainland, the group focused on its core consumer goods business," Chairman Qiao Shibo said in the statement, adding a net gain of around 3 billion HK dollar from selling the entire stake in a clothing venture to partner Esprit Holdings Ltd.
The core business of the group now includes retail, beer, beverage and food processing and distribution.
Looking ahead, Qiao said a stable national economy formed a solid foundation for the company to improve performance.
"The consumer sentiment continued to pick up, helping the overall retail market," Qiao said. "We are actively seeking acquisition and cooperation opportunities to facilitate the growth of all our businesses."
Excessive rainfall and cooler weather in the second quarter affected the sales volume of the group's beer division to a certain extent. Qiao said the company will continue to optimize its distribution and increase marketing to woo consumers.
The company's shares fell 0.158 percent yesterday to 31.5 HK dollar, paring its gain this year to 9.4 percent. The benchmark Hang Seng Index has lost 5.8 percent this year.
The company proposed an interim dividend of 14 Hong Kong cents, same as last year.
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