Tsingtao Brewery Co. said net profit rose in 2020 as it increased sales of higher-margin products such as canned wine and craft beer.

The brewer reported that its full-year net profit rose by 19% to 2.20 billion Chinese yuan ($338.6 million), helped by reduced costs.

Revenue for the period fell 0.8% to CNY2.78 billion, the brewer said.

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