Sober analysis

PUBLISHED : Friday, 03 June, 2005, 12:00am
UPDATED : Friday, 03 June, 2005, 12:00am
 

China Resources Enterprise expects its loss-making beer unit to have turned around in the second quarter, with newly acquired breweries and demand growth driving earnings, according to chairman Song Lin. Speaking after the red chip's annual shareholder meeting yesterday, Mr Song said he was confident of achieving profitability at the brewing subsidiary this year despite a loss of $35.67 million in the first quarter - down from a loss of $15.49 million in the same period last year. The group's quarterly profit surged 106 per cent to $660 million, including a one-off gain of $209 million from property revaluation and deferred tax.


Share

 

Send to a friend

To forward this article using your default email client (e.g. Outlook), click here.

Sober analysis

Enter multiple addresses separated by commas(,)

Related topics

For unlimited access to:

SCMP.com SCMP Tablet Edition SCMP Mobile Edition 10-year news archive