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August 8, 2009

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Tsingtao brews 68% jump in H1 net earnings

China's leading beer maker Tsingtao Brewery Co brewed up a 68 percent jump in net profit in the first half of this year as it sold more beer following a series of mergers and acquisitions.

The nation's biggest brewery by market value said yesterday its first-half profit rose to 639.8 million yuan (US$94 million) from 381.1 million yuan a year ago, according to its statement to Hong Kong's stock exchange. Sales revenue increased 15 percent to 9.1 billion yuan.

"The robust profit was driven by growth in sales of high-end products," Lu Yuanyuan, an analyst at Donghai Securities Co, said in a note. "It gives Tsingtao a stronger ability to boost profit and sale volume amid the recession," she added.

Tsingtao, headquartered in the eastern coastal city of Qingdao in Shandong Province, said it sold a total of 3.02 million kiloliters of beer during January to June, a rise of 12.6 percent year on year.

Its major brand Tsingtao boosted sales by 29 percent while sales of a premier sub brand jumped 40 percent.

Beer production rose 6 percent during the first six months to 20.5 million kiloliters, a slower pace due to weak economic growth, the company said in the statement.

Tsingtao purchased 39 percent of smaller rival Yantai Brewery in Shandong Province in December.


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