Tsingtao Brewery has posted a huge leap in net profit in its third quarter.

The Chinese company, which is 27%-owned by Anheuser-Busch, said today (24 October), that net profit in the three months to the end of September rose by 52.4% on the corresponding period a year earlier, reaching CNY328.6m (US$43.8m).

In volume terms, sales for the quarter increased by 11% to 16m hectolitres. Sales in value terms reached CNY4.28bn from CNY3.7bn.

For the nine months of 2007 so far, net profit climbed by a massive 61% to CNY695m, as sales lifted to CNY11.11bn from CNY9.55bn.

Separately, Tsingtao said it plans to set up a brewing joint venture in Thailand, through a CNY40m investment. The funds will help Tsingtao acquire a 40% stake in the j-v, which will have an estimated annual production capacity of 800,000 hectolitres.

Further details about the project were not immediately available.