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Jiangsu Yanghe Brewery records higher annual profits on operating income growth

Jiangsu Yanghe Brewery JSC Ltd.'s net profit for fiscal year 2017 rose year over year, buoyed by higher operating income.

The Chinese drinks company reported net profits for full year 2017 of 6.63 billion yuan, or 4.40 yuan per share, up by 13.73% from 5.83 billion yuan, or 3.87 yuan per share, in the previous year. The S&P Capital IQ consensus EPS estimate was 4.50 yuan.

Total operating revenue for the year grew by 15.92% to 19.92 billion yuan, from 17.18 billion yuan in the previous fiscal year. Operating profits also increased to 8.84 billion yuan from 7.72 billion yuan recorded in the prior fiscal year.

Operating costs came in at 11.74 billion yuan, up from 10 billion yuan posted in 2016.

The company also said it will distribute a cash dividend of 25.5 yuan per 10 shares.

As of June 11, US$1 was equivalent to 6.40 Chinese yuan.