CHINA: Tsingtao Brewery sees FY figures continue to rise
- 2010 net profits leap by 21.6% to CNY1.52bn (US$231.3m)
- Sales rise by 10.4% to CNY19.6bn
- Operating profits up by 21.8% to CNY1.94bn
Expect increased M&A activity from Tsingtao in 2011
Tsingtao Brewery has posted a strong set of figures for 2011, and said it is looking to up its M&A activity going forward.
The Chinese brewer, which is 20%-owned by Japan's Asahi Breweries, said yesterday (30 March) that net profits for the 12 months of 2010 came in 21.6% up on 2009, at CNY1.52bn (US$231.3m). Sales also rose, by 10.4% to CNY19.6bn, with operating profits falling suit, increasing by 21.8% to CNY1.94bn.
In volume terms, Tsingtao saw sales last year lift by 7.4% year-on-year to 63.5m hectolitres.
Looking to 2011, the company said that it “will continue to look for the suitable merger and acquisition targets in the key (regional) market areas” in China. Late last year, Tsingtao lined up the purchase of Shandong Xin Immense Brewery Co in the Shandong province of the country, for around CNY1.87bn (US$280.4m).
A final dividend of CNY0.18 per share for 2010 has been proposed by Tsingtao's board.
For Tsingtao's official statement, click here.
Asahi Group's Australian subsidiary, Schweppes, is to close its Wulkuraka plant as part of a restructuring of its facilities in the country, according to local reports....
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