China's largest brewer Tsingtao is reportedly looking to expand into Southeast Asia after enjoying a year of rising earnings and sales.

Tsingtao, in which Anheuser-Busch holds a 27% stake, posted a 7.5% rise in net profit to CNY306.6m (US$38.3m), on the back of a 16% jump in revenues to CNY10.02bn.

Chairman Li Guirong was quoted by Dow Jones today (4 April) as saying that he expected cost pressures to intensify this year due to higher energy prices.

"Looking ahead, consolidation will continue in China's beer market as competition intensifies, with more foreign brands entering China's market," Guirong added.