HONG KONG: Kingway Brewery Holdings issues profit warning
Kingway Brewery Holdings, the Hong Kong-based brewer part-owned by Heineken, has issued a profit warning for the second half of 2008.
Kingway, which reported a loss of HK$24.7m in the first six months of 2008, said today (20 January) that a further loss was expected from the second half of the year.
Falling sales and rising costs combined to make 2008 a difficult year, said the brewer, in which Heineken holds a 21% stake via the Dutch group's joint-venture with Asia Pacific Breweries.
Higher administration costs, associated with recently opened breweries in Xian, Chengdu and Foshan also contributed to the loss, Kingway said.
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