August 21, 2017 / 5:05 AM / 3 months ago

China Resources Beer says H1 profit up 93.4 pct

HONG KONG, Aug 21 (Reuters) - China Resources Beer (Holdings) Co Ltd said on Monday first-half profit rose 93.4 percent, thanks to higher prices and improving sales due to warmer weather.

The results reaffirm that Chinese breweries are on the road to recovery following stagnated beer consumption in recent years.

The owner of Chinese beer brand Snow posted a profit of 1.17 billion yuan ($175.4 million), slightly lagging forecasts of 1.25 billion yuan by Thomson Reuters SmartEstimate. It reported a restated 605 million yuan profit for the same period a year ago.

Revenue increased 3.7 percent to 15.77 billion yuan, from 15.21 billion yuan in the year-ago period. ($1 = 6.6701 Chinese yuan) (Reporting by Donny Kwok; Editing by Biju Dwarakanath)

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