Hong Kong, September 3, 2008 - China Resources Enterprise Ltd., China's top beer brewer, posted a 28 percent jump in first-half earnings on the back of rising incomes and booming domestic consumption.
The consumer-focused conglomerate posted a net profit of HK$1.49 billion ($190.8 million) for the six months ended June, versus HK$1.16 billion for the same period last year, according to Reuters calculations based on previously reported figures.
Beijing-backed China Resources operates supermarkets, processes meat, runs a China joint venture with fashion retailer Esprit, owns slices of container ports, and produces "SNOW" beer with SABMiller Plc. in the world's fastest growing major economy.
China Resources stripped out earnings from a unit it sold from last year's earnings comparison. The firm sold its petroleum business in 2007, part of an effort to hive off non-core businesses to focus on China's booming consumer and retail sectors, for HK$2.4 billion. ($1=HK$7.808)