Tsingtao reports higher profit

Tsingtao Brewery, China's largest beer maker, reported net profits of Yn223m for 2002, 166 per cent higher than in the previous year. The company said the results were helped by improved sales volume, cost controls and operating efficiency. Sales rose by 21 per cent year-on-year, compared with a national average of 6-8 per cent, and market share rose to 12.5 per cent from 11 per cent. Exports more than doubled, largely thanks to expansion in Taiwan, which consumed 310,000 tonnes of Tsingtao beer in 2002.