CHINA: Tsingtao posts 10% growth in 2003
Tsingtao Brewery has posted a rise in net income for 2003, despite the SARS outbreak in Q2. The Chinese brewer announced yesterday that strong sales pushed net income up by 10% last year to RMB245.1m (US$29.6m) from RMB222.6m a year earlier.
Revenue for the brewer increased by 8% to RMB6.7 billion last year, as total beer sales climbed by 9.2% to 3.3m kilolitres.
Tsingtao's market share in mainland China also rose in 2003, to 12.8% from 12.5% in the previous year.
Going forward, the company said it plans to sell 10% more beer in 2004, with a third of this increase forecast to come from its flagship brand.
A final dividend of RMB0.20 per share was proposed by Tsingtao, compared to RMB16, with a special dividend of RMB0.06, in 2002.
Sectors: Beer & cider
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