CHINA: Kingway Brewery takes 2006 hammering
The Chinese brewer yesterday (23 April) reported that revenue for 2006 fell to HKD1.41bn (US$180.4m), compared to HKD1.20bn in 2005.
Net profit recorded a more alarming fall, down to HKD110.20m against HKD198.28m a year earlier.
In September last year, Kingway warned that marketing costs and initial expenses related to the construction of breweries in Xian and Chengdu would eat into earnings for 2006. For the first half of last year, net profit was down 12% year-on-year to HKD71.1m from HKD80.6m in the corresponding period in 2005.
Heineken holds an indirect 21.44% interest in Kingway through Heineken-APB (China), a joint venture between Asia Pacific Investment (API) and Asia Pacific Breweries. API is a holding company jointly-owned by the Dutch brewing giant and Singapore-based conglomerate Fraser and Neave.
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