02 April, 2003

Tsingtao Brewery Co., the Chinese biggest brewing conglomerate, has reported a 166% rise of its net profit for the year to the end of December 2002. Net profit reached the value of CNY222.55m, versus CNY83.5m in 2001. The company has forecasted a net profit for 2002 of CNY187.5m.

Revenues were up 31% at CNY6.20 billion, as volumes of higher-margin products increased. Total volumes were up by 20%. Tsingtao, which postponed presentation of its results in Hong Kong because of the spread of severe acute respiratory syndrome (SARS) in the region, has recommended a final dividend of CNY0.22 per share, double the level in 2001.

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