31 March, 2006

China: Chongqing Brewery climbed 3.66% after reporting 19% rise in full year profit

Chongqing Brewery Co Ltd, in which Scottish & Newcastle PLC (S&N) holds a 19.51 % stake, has reported 19% rise in 2005 full year profit, according to Trading Markets. The Company has registered a net profit of 78.8 million yuan (USD9.8 million). Company’s revenues increased by 19.2% to 1.5 billion yuan.

As a result Chongqing Brewery’s shares climbed 3.66% or 0.58 yuan to 16.42 yuan. Wuxi Commercial Mansion added 3.01% on a full net profit growth of 19%. However, the European Union decision to impost a 44.6% anti-dumping duty on imports of Chinese colour television sets hit home appliance makers Konka Group, Amoi Electronics and Hisense Electric.

Chongqing Brewery with its flagship brand Shangcheng is the fifth largest brewery in China by volume and the first in Chongqing region, where it controls 80% of the market. Chongqing Brewery is selling about 7.5 million hl of beer annually.

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