Major Chinese beverage companies saw their total profits rise 0.5% year-on-year in 2020, despite the repercussions of COVID-19, according to the Ministry of Industry and Information Technology.
Ministry data showed that beverage companies with annual operating revenues of at least 20 million yuan (about 3.08 million US dollars) reaped 42.88 billion yuan (about 6.6 billion US dollars) in profits last year.
The companies’ combined operating income plunged 8.6 percent year-on-year to 300.73 billion yuan in 2020.
The ministry’s data also indicated that the total production of these companies’ beverages amounted to 163.47 million tons last year, down 7.7% compared to 2019.
The article, the profits of China’s largest beverage companies, to rise by about $ 6.6 billion in 2020, was written in the Stock Exchange newspaper.