12 January, 2007

China: Chongqing Brewery’s net profit up over 50% in 2006

Chongqing Brewery Co Ltd (SHA 600132), Scottish & Newcastle Plc's Chinese partner, said its net profit in 2006 is likely to have risen over 50 pct due to strong sales and tighter cost controls, according to a statement filed to the Shanghai Stock Exchange, XFN-ASIA reported on January 11.

Chongqing Brewery, which booked 78.83 million yuan ($10.10 million) net profit in 2005, did not give a reason for the robust forecast.

The company, in which Scottish & Newcastle PLC (S&N) holds a 19.51 pct stake, reported net profit of 78.83 mln yuan or 0.31 yuan per share in 2005.

It will release detailed figures in its annual financial report, expected to come out before the end of April. (1 usd = 7.80 yuan)

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