August 17, 2018 / 4:35 AM / 9 months ago

China Resources Beer H1 profit up 29 pct on higer average selling price

HONG KONG, Aug 17 (Reuters) - China Resources Beer (Holdings) Co Ltd on Friday posted a 29 percent rise in first-half net profit thanks to an increase in average selling prices and improved sales of higher-margin premium beers.

The owner of the Snow beer brand said profit rose to 1.51 billion yuan ($219.35 million) for the six months ended June from 1.17 billion yuan year earlier.

Revenue increased l1.4 percent to 17.57 billion yuan.

The overall average selling price increased 13 percent from a year earlier amid moderate price adjustment of certain products and continuous growth in the proportion of mid- to high-end beer sales volume.

Heineken, the world’s No. 2 brewer, is taking a $3.1 billion stake in the parent of China Resources Beer, the country’s top brewer, to tap a growing thirst for premium brands in the world’s biggest beer market.

Shares of China Resources Beer fell 0.6 percent prior to the results statement, lagging 0.6 percent gain in the benchmark index. ($1 = 6.8841 Chinese yuan) (Reporting by Donny Kwok; Editing by Gopakumar Warrier)

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