China: Tsingtao Brewery’s first-half profit up 13.4%

China's second largest beer maker Tsingtao Brewery Co Ltd, said on August 28 its first-half profit rose 13.4 percent helped by its efforts to control costs, prevent excess production and boost efficiency, Nasdaq reported.

Net profit for the first six months of the year was 1.30 billion yuan ($189 million), compared with 1.15 billion yuan a year ago, while revenue rose 0.6 percent from a year ago to 15.2 billion yuan, the brewer said in a filing on the Shanghai stock exchange.

Tsingtao's larger local rival China Resources Beer (Holdings) Co Ltd this month posted a 29 percent rise in first-half profit amid higher prices and improved sales of premium beers, a trend it said would continue.

Tsingtao's net profit climbed 15.2 percent in the first quarter after the firm posted its fastest annual profit growth since 2010 as it reined in costs.

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