Tsingtao Brewery has posted a leap in earnings for the first quarter of 2007.

The company said yesterday (29 April) that its Q1 net profit rose 17.8% against the corrsponding period a year earlier on the back of strong sales. Profits hit for the three months to March 31 reached CNY88.22m (US$11.43m), compared to CNY74.91m a year earlier.

The Chinese brewer, which is 27%-controlled by Anheuser-Busch, said revenues rose to CNY2.86bn from CNY2.47bn.

Tsingtao Brewery is listed in both Hong Kong and Shanghai.