CHINA: Tsingtao H2 earnings soar
Tsingtao Brewery has posted an impressive leap in earnings for the second half of 2006.
The Chinese brewer, which is 27%-controlled by Anheuser-Busch, said today that earnings in the latter six months of last year came in 77% up on the corresponding period last year, hitting CNY235.1m (US$30.47m), compared to CNY132.9m a year earlier.
Net profit for the year hit CNY447.9m against CNY306.6m in 2005.
Tsingtao is fighting tooth and nail with SABMiller's China Resources Snow Breweries, which holds 15% share of the Chinese beer market. Tsingtao is just behind Snow, with around 14%.
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