11 April, 2007

China: Chongqing Brewery expects a 50% jump in Q1

Chongqing Brewery Co., Scottish & Newcastle Plc's partner in China, said it expected to post a jump in first-quarter net profit of more than 50 percent, on higher sales, Reuters reported April 11.

Mid-sized Chongqing Brewery, based in southwest China, also attributed the higher unaudited profit forecast to an adjustment of its product portfolio, it said in a brief statement.

In the first quarter of 2006, the brewer booked a net profit of 13.43 million yuan ($1.74 million), up 63 percent from a year earlier.

Publicly traded companies in China are required to issue earnings projection if they expect net profit to rise by more than 50 percent.

($1=7.732 Yuan)

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