China's largest brewer Tsingtao Brewery has reported a 16.4% jump in net profit for the year to Y285m, according to local reports.

The figure was achieved with the help of a 14.7% increase in sales to Y7.7 billion. Volumes were also up by 13.8% 3.71m kiloliters.

The Tsingtao brand name made up about a third of the volumes.

Tsingtao has a 12.8% share of the Chinese market.

Yesterday, the US brewer Anheuser-Busch said it had increased its stake in Tsingtao to 27%.