Shares of Chinese beer maker Tsingtao Brewery plummeted over 5% on Tuesday after the company reported disappointing financial results for the third quarter of 2024.
In a filing with the Hong Kong Stock Exchange, Tsingtao Brewery revealed that its net profit attributable to shareholders dropped 9% year-over-year to 1.35 billion yuan ($189 million) in Q3. The company's earnings per share also declined to 0.989 yuan for the quarter.
Additionally, Tsingtao Brewery's revenue for the three-month period slid 5.3% compared to a year ago, coming in at 8.89 billion yuan ($1.24 billion). The weaker-than-expected top and bottom-line results weighed heavily on investor sentiment, causing the brewer's stock to sell off sharply.
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