18 April, 2003

The fourth largest Chinese brewer, Harbin Brewery, has posted a 33.6% rise of profit for 2002 year versus the previous year up to HK$108.76m. The company has registered a turnover of HK$1.11 billion, 34% up if compared to 2001 year when the company posted a turnover of HK$81.43m. The company reported its first full-year results since its public listing in June. Harbin Brewery attributes the rise in earnings to an increase in sales volumes that had been boosted by new acquisitions last year. In 2002, Harbin acquired controlling interests in three breweries in Heilongjiang, Liaoning and Hebei provinces, which increased the company's annual capacity from 220 thousand tonnes to 900 thousand tonnes.

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