China: Tsingtao Brewery has posted a rise in net profit for the nine months of this year

Tsingtao Brewery Co., the leading Chinese brewery, based in the eastern port city of Qingdao, announced on October 27 its net profit for the nine months ended September increased by 19% year-on-year, on stronger sales of its flagship beer brand.

Net profit for January-September totalled CNY544.7 million, according to Chinese accounting standards, Dow Jones cited Tsingtao Brewery on October 27. Revenue rose 17% to CNY8.26 billion, the company said. No comparative figures were immediately available.

China's largest brewer by production attributed the rise in net profit to higher sales of its flagship Tsingtao brand, which rose 16% on year.

"In the first three quarters of this year, China's beer industry experienced steady growth," Tsingtao said in a statement. "But surging costs for raw materials, energy and transportation, in addition to increased foreign competition, is putting tremendous pressure on the industry as a whole." Despite increased competition, Tsingtao Chairman Li Gui Rong said he is confident the company will meet its full-year sales target.

Listed in Hong Kong in 1993, Tsingtao has production facilities in 18 locations across China. In September, it opened a new plant in the western province of Shaanxi, the company said.

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