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CHINA: Kingway reports 2005 earnings leap

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Chinese beer maker Kingway Brewery saw its net profit jump 19% last year on the back of rising sales.

The Hong Kong-listed brewer today (19 April) posted net profit of HK$198.3m (US$25.6m) for 2005. Turnover leapt 30% to HK1.2bn. However, in a brief statement on the Hong Kong Stock Exchange, Kingway did not give any reasons for its rising earnings and sales.

Kingway, based in Guangdong, is controlled by a state-run conglomerate in the Chinese province. Heineken holds an indirect 21.44% interest in Kingway through Heineken-APB (China), a joint venture between Asia Pacific Breweries and Asia Pacific Investment, a holding company jointly owned by the Dutch brewing giant and Singapore-based conglomerate Fraser and Neave.

Heineken has seen its attempts to increase that stake in Kingway thwarted by the brewer's management, which ended talks last year.


Sectors: Beer & cider

Companies: Heineken

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