March 21 Tsingtao Brewery Co Ltd,
China's second-largest brewer by volume, estimated its 2016 net
profit fell about 39 percent, hurt by stringent market
conditions and to account for a supplemental tax payment.
The company said it would pay a difference in income tax of
about 339 million yuan ($49 million) that resulted from the
application of an expired preferential income tax rate in the
years prior to 2007.
Accordingly, the company would have to reduce its net profit
attributable to shareholders by that same amount in the year
ended Dec. 31, 2016, Tsingtao said.
The group had reported a net profit of 1.71 billion yuan in
The brewer in August reported its profit fell 10.8 percent
to 1.07 billion yuan in the six months through June as slower
economic growth and tougher-to-please consumers dragged on
China's beer market - the world's largest by volume - is a
key battle ground for global beer brands, but turning a profit
($1 = 6.88 yuan)
(Reporting By Anusha Ravindranath in Bengaluru; Editing by