24 August, 2005

China : Tsingtao Brewery announces increase in net profit for the first half of 2005

Tsingtao Brewery Co., China's leading brewer, said on August 19 its first-half net profit rose 20 percent from a year ago as its sales increased, according to Associated Press.The brewer said its net profit in the six months ending June 30 was 173.6 million Chinese yuan ($21.4 million), up from 144.8 million yuan in the same period last year.

Revenue rose to 4.46 billion yuan ($550 million) from 3.87 billion yuan. Like last year, the company didn't propose a first-half dividend. No other details were immediately available.U.S. brewing giant Anheuser-Busch Co. is Hong Kong-listed Tsingtao Brewery's biggest nongovernment shareholder with a 27 % stake. The Qingdao State-Owned Assets Supervision and Administration Commission is Tsingtao's largest shareholder with holding 30.6 % of shares.

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