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April 16, 2003

CHINA: Earnings up 34% at Harbin in 2002

Harbin Brewery, the fourth largest brewer in China, has reported earnings of HK$108.76m for the year to the end of December, 2002, representing a 33.6% increase on the previous year. Turnover rose by 34% from HK$81.43m to HK$1.11 billion.

Harbin Brewery, the fourth largest brewer in China, has reported earnings of HK$108.76m for the year to the end of December, 2002, representing a 33.6% increase on the previous year. Turnover rose by 34% from HK$81.43m to HK$1.11 billion.

The company, which was posting its first full-year results since its public listing in June, attributed the rise in earnings to an increase in sales volumes which had been boosted by new acquisitions last year.

In 2002, Harbin acquired controlling interests in three breweries in Heilongjiang, Liaoning and Hebei provinces which increased the company’s annual capacity from 220,000 tonnes to 900,000 tonnes.

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