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April 2, 2003

CHINA: Tsingtao beats profit forecasts for 2002

The Chinese brewing group, Tsingtao Brewery Co., the country's leading brewer, has reported a net profit for the year to the end of December, 2002 of CNY222.55m, up some 166% from CNY83.5m in 2001.

The Chinese brewing group, Tsingtao Brewery Co., the country’s leading brewer, has reported a net profit for the year to the end of December, 2002 of CNY222.55m, up some 166% from CNY83.5m in 2001.

The profit figure was well ahead of analysts’ forecasts. A Multex Global Estimates poll had forecast a net profit for 2002 of CNY187.5m.

Revenues were up 31% at CNY6.20 billion, as volumes of higher-margin products increased. Total volumes were up by 20%.

Tsingtao, which postponed presentation of its results in Hong Kong because of the spread of severe acute respiratory syndrome (SARS) in the region, has recommended a final dividend of CNY0.22 per share, double the level in 2001.

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