HONG KONG: China’s biggest beer maker Tsingtao Brewery served up a better-than-forecast 166% jump in 2002 earnings yesterday as an acquisition binge and higher sales of its more expensive flagship brand bolstered results.
Tsingtao reported a net profit of 222.55 million yuan (US$26.87mil) for 2002 compared with 83.5 million yuan in 2001. Analysts surveyed by Multex Global Estimates had forecast earnings of 187.5 million yuan. Turnover rose 31% to 6.195 billion yuan last year. – Reuters