Hong Kong: Tsingtao Brewery 1Q2006 profit increased by 8.7 percent

Tsingtao Brewery Co. Ltd, China's largest beer maker by revenue, announced that its first-quarter net profit increased by 8.7 % compared to the same period last year on higher beer sales, Associated Press informed on April 28.

The company said late Thursday its first-quarter net profit was 74.91 million Chinese yuan ($9.35 million), up from 68.92 million yuan the year before. Earnings per share for the period stood at 0.057 yuan from 0.065 a year earlier.

Tsingtao said its first-quarter revenue was 2.39 billion yuan ($298 million), up from 2.03 billion yuan a year earlier.

The company said its sales of beer in the first quarter increased by 15 % to 8.69 million hectoliters from the year before. One hectoliter equals 100 liters. 'First quarter beer sales were up up 15 pct at 869,000 kiloliters, with sales of our flagship Tsingtao beer brand up 19 pct at 315,000 kiloliters,' the company said in its earnings statement.

'With the coming summer peak season upon us, due to extensive restructuring of our operations, we are ready to expand our market presence despite increasing competition at home and abroad,' the statement said.

Tsingtao was listed in July 1993. It was the first so-called H-shares listed in Hong Kong. H-shares are Hong Kong-listed shares issued by companies registered and based in China, usually state-owned enterprises.

Anheuser-Busch Companies Inc., the U.S.-listed beer manufacturer, is one of the largest shareholders in Tsingtao.