China Resources Enterprise has posted a huge leap in third-quarter profits. The state-owned conglomerate said today (21 November) that profit for the three-month period was up by 98% on the corresponding period a year earlier.

Net profit for the quarter to the end of September reached HK$605.2m (US$78m) from HK$306.1m for the same quarter in 2004, while revenue rose to HK$14.13bn from HK$12.39bn.

CRE, SABMiller's brewing partner in China, credited the surge to strong performances by its retail, beverage and oil operations.

For the first nine months of this year, turnover for the group was up by 12% year-on-year to HK$39.4bn, with profit climbing by 78% to HK$1.868bn.

Earnings of the beverage business for the third quarter and the first nine months of 2005 were HK$130m and HK$190m respectively, reflecting a year-on-year increase of 71% and 48%. Beer volumes grew 14%.

The company's Snow beer continued to enjoy rising popularity, with a 47% increase in sales volume for the nine-month period under review, representing 39% of all volumes sold.

The Chinese company jointly controls China Resources Snow Breweries Co. with SABMiller.