Chinese brewer Tsingtao sees net profit leap in 2009
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Tsingtao Brewery Co. Ltd., one of China's leading beer makers, Friday announced a 2009 net profit of 1.25 billion yuan (183.1 million U.S. dollars), up 79.2 percent year on year.
Its sales revenue rose 12.5 percent year on year to 17.76 billion yuan due to strong market demand, the Shanghai-listed firm said in its 2009 annual report.
The brewery, based in Qingdao in eastern Shandong Province, attributed the quicker net profit growth pace to rising sales and lower costs. The falling prices of imported barley and other production materials last year helped the firm to cut costs, said the report.
The brewery's A-shares rose 1.83 percent to 35.08 yuan per share Friday.
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