24 August, 2005

China: Tsingtao will build a brewery in the Northwest of China

Tsingtao Brewery Co from China, stated that it intends to build a brewery in the province of Shaanxi, in the Northwest of China for 160 million yuan ($19.7 million).Tsingtao, according to the China Knowledge Press as of August 22, will own 55 % of the new plant through its unit in Xi'an, the capital of the province, the company said in a statement to the Shanghai Stock Exchange on August 22.

August 19, Tsingtao said first-half profit rose 20 % from a year earlier to 173.6 million yuan from 144.8 million yuan a year earlier. Sales increased to 4.46 billion yuan from 3.87 billion yuan. The company sold 2 million kiloliters of beer in the first half, up 9.7 %.

According to Tsingtao, Chinese breweries produced a pooled 14.5 million kiloliters of beer in the first half which is a gain of 2.6 %.

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