China Resources Beer falls after recent gains, says sales flat

China Resources Beer Holdings

24/03/2022 08:05

** Shares of China Resources Beer Holdings Co Ltd  0291.HK: 
fall as much as 8.6% to HK$47.05, the biggest daily percentage
decline since March 14, and on track to snap two straight
sessions of gains
    ** Stock hits the lowest since March 16; the biggest
percentage decliner in the benchmark Hang Seng Index  .HSI  and
second biggest in the Hang Seng China Enterprises Index  .HSCE  
    ** Stock has surged about 25% from its low of HK$41.95 on
Mar 15 to a high of HK$52.4 in the previous trading session 
    ** Brewer on Thursday said 2021 turnover rose 6.2%
year-on-year to 33.39 bln yuan ($5.24 bln) while net profit
soared 119.1% to 4.59 bln yuan by compensation gain on transfer
of a piece of land owned by the firm and an increase in selling
price   urn:newsml:reuters.com:*:nFWN2VQ0RO
    ** Says overall beer sales volume was flat year-on-year in
2021 due to shrinking market capacity of mainstream segments and
recurrence of the pandemic and it sees uncertainty associated
with the ongoing pandemic 
    ** The composite industry index tracking consumer staples
 .HSCICS  drops 1.6%, Hang Seng China Enterprises Index  .HSCE 
slips 1% and Hang Seng Index  .HSI  eases 0.6%



($1 = 6.3687 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))