Profits rise on clothing stake sale
By Wang Yanlin |
August 27, 2010, Friday
|
Print Edition
Print Edition
CHINA Resources Enterprise Ltd, a consumer goods company and Chinese partner of SABMiller Plc, yesterday reported its first-half profit more than tripled after consolidation of its businesses.
Net income surged to HK$4.24 billion (US$545 million), or HK$1.77 a share, from HK$1.16 billion a year earlier in the first six months, according to a statement filed to the Hong Kong stock exchange.
Sales increased 20 percent year on year to HK$42.6 billion during the period.
"Following the sale of our entire interest in a brand-fashion distribution business on the Chinese mainland, the group focuses on its core consumer goods business," Chairman Qiao Shibo said, adding that a net gain of about HK$3 billion was made from selling its 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 to the future, Qiao said that a steady economy on the Chinese mainland formed a solid foundation to enable the company to improve its performance.
Net income surged to HK$4.24 billion (US$545 million), or HK$1.77 a share, from HK$1.16 billion a year earlier in the first six months, according to a statement filed to the Hong Kong stock exchange.
Sales increased 20 percent year on year to HK$42.6 billion during the period.
"Following the sale of our entire interest in a brand-fashion distribution business on the Chinese mainland, the group focuses on its core consumer goods business," Chairman Qiao Shibo said, adding that a net gain of about HK$3 billion was made from selling its 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 to the future, Qiao said that a steady economy on the Chinese mainland formed a solid foundation to enable the company to improve its performance.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
