CHINA: Tsingtao Breweries profits soar

By just-drinks.com editorial team | 12 October 2009

Tsingtao Breweries, the Chinese brewing giant, has said that it expects net profits to rise by up to 85% for the first nine months of its fiscal year.

Net profits rose by an estimated 75% to 85% for the nine months to the end of September, compared to the same period last year, Tsingtao said in a trading update on Friday (9 October).

Net profits for the brewer's first nine months of 2008 were RMB699.82m (US$102.5m), with earnings per share at RMB0.53.

"The company has been striving to explore the domestic market, promote the opimisation and improvement of brand integration and product mix; and strengthen its management in the plants, and try to lower its costs, which helped maintain continuous growth in sales, earnings and profits," said Tsingtao.

It did not give further details.

In August, Tsingtao reported solid rises in half-year sales and profits.

Sectors: Beer & cider

Companies: Tsingtao