CHINA: Tsingtao sees Q1 profit hike

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The Chinese beer giant, Tsingtao Brewery has reported that its net profit in the first quarter surged nearly 81%, thanks to the effects of what the company called vigorous marketing campaigns. Tsingtao's unaudited net profit for the first three months of 2002 was ¥55.58m (US$6.7m), up from ¥30.79m in the same period last year. Meanwhile, turnover leapt 31.4% to ¥1.45 billion. The figures represent the first time Tsingtao has reported first quarter results.

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