Tsingtao Brewery has posted a healthy climb in profits for the first half of this year.

The Chinese company, which is 27%-owned by Anheuser-Busch, said yesterday (27 August) that net profit for the six-month period was up by an impressive 63.4% on the corresponding period a year earlier, hitting CNY347.57m (US$45.92m).

In volume terms, sales for the half rose by 24.6% to 19.04m hectolitres.

Looking forward, Tsingtao said it expects sales - in volume terms - for the full-year to reach 50.8m hectolitres, which would be a 12% increase on 2006.

Earlier this month, Tsingtao was reportedly looking to increase production capacity in China by around 1m tons. By the end of this year, Tsingtao should have completed five expansion projects in the country, adding the extra capacity, reports from the country claimed.