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Beijing Yanjing Brewery Q1 profit falls YOY

Beijing Yanjing Brewery Co. Ltd. said its first-quarter normalized net income came to 2 fen per share, a decline of 18.0% from 3 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 63.1 million yuan, a decline of 18.2% from 77.1 million yuan in the prior-year period.

The normalized profit margin fell to 2.1% from 2.6% in the year-earlier period.

Total revenue rose year over year to 3.15 billion yuan from 3.02 billion yuan, and total operating expenses climbed on an annual basis to 3.03 billion yuan from 2.93 billion yuan.

Reported net income increased 5.2% from the prior-year period to 53.0 million yuan, or 2 fen per share, from 50.4 million yuan, or 2 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.