Bottom lines of China consumer firms paint patchy picture of spending

Shanghai

OFFICIAL numbers may suggest a rosier 2017 for China, but the bottom lines of the country's top consumer firms - from brewers to noodle makers and cinema chains - paint a patchy picture of spending in the world's second-largest economy.

Tsingtao Brewery Co Ltd, China's No 2 brewer, posted its steepest drop in net profit in 20 years last week, blaming tough competition and weak demand. Noodle maker Tingyi saw profits drop by a third.

China's top cinema operator Wanda Cinema Line saw 2016 profits rise 15.2 per cent - down from growth of nearly 50 per cent the year before, as broader box office sales stalled. IMAX China's profit tumbled, too. "There's still a tonne of room for growth, but these markets are much more competitive now and even bigger brands are starting to struggle," said Ben Cavender, Shanghai-based principal at China Market Research Group. "Consumers are becoming more cagey about how they're s…