Tsingtao Brewery, China's second-largest brewer in terms of volume, has reported that its net profit nearly doubled in the third quarter, helped by the lower price of ingredients. The result topped its own forecast made earlier this month, when it said it estimated that profit had grown by 75-85%.
For the quarter ending September, net profit was up to 615.2m yuan ($90m), from 318.7m yuan last year. The company said the growth had been boosted by its efforts to “explore the domestic market, promote the optimisation and improvement of brand integration and product mix; and strengthen management in the plants”.
Namnews - Friday 30th October 2009
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