Beijing Yanjing Brewery has posted a significant rise in profits in its first quarter report.

The brewer, which is the last remaining major independent brewer in China, said today (25 April) that sales for the first quarter of this year reached CNY1.5bn (US$0.2bn) compared to last year's reported CNY1.2bn.

Net profit for the first quarter was also up, coming in at CNY15.9bn against CNY14.2bn for Q1 of 2006.

Beijing Yanjing has been the subject of speculation linking it to InBev in the last 12 months. In September last year, the brewer moved to quash rumours that it had invited InBev to take a stake in the company.