China: Tsingtao Brewery reported 3Q 2006 net profit up by 26.97% on higher sales

Tsingtao Brewery Co Ltd, China's largest beermaker, said third quarter net profit rose 26.97 pct year-on-year to CHY212.22 million under Chinese accounting standards, boosted by strong sales, AFX News Limited released October 30.

Revenue in the third quarter rose 11.6 pct year-on-year to CHY3.67 billion.

The brewer sold 37.5 million hl of beer in the first three quarters, up 9.1 pct from a year earlier, with sales of its flagship Tsingtao brand up 16 pct at 12.85 million hl.

Earnings per share were CHY0.16 in the third quarter, up from 0.13 a year earlier.

Tsingtao Brewery, in which Anheuser-Busch holds a 27 pct stake, said net profit for the first nine months rose 25 pct year-on-year to CHY414.22 million, on core revenue of CHY9.44 billion, up 14.2 pct.

Tsingtao gave no detailed guidance for the full year, noting only that the fourth quarter is seasonally weak for beer sales.

Assets totalled CHY10.46 billion at the end of September, up 9.05 pct from the end of last year.

In a report dedicated to Hong Kong shares, Forbes reported that Tsingtao Brewery fell HK$0.28 or 2.52 pct at 10.82 despite reporting that its third quarter net profit rose 26.97 pct year-on-year.

(US$1 = CHY7.90)