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Tsingtao H1 profit rises 38.5 pct, beats forecast
August 29, 2013 / 12:16 PM / in 4 years

Tsingtao H1 profit rises 38.5 pct, beats forecast

* H1 net 1.39 bln yuan vs forecast 1.12 bln

* Revenue up 11.7 percent to 15.0 bln yuan

HONG KONG, Aug 29 (Reuters) - Tsingtao Brewery Co Ltd , the company behind China’s best-known beer brand, posted a 38.5 percent rise in first-half net profit, beating forecasts due to a better product mix and lower raw material costs.

China’s second-largest beer maker by volume, in which Japan’s Asahi Breweries holds a more than 19 percent stake, reported a net profit of 1.39 billion yuan ($227 million) for the January-June period, up from 1.01 billion a year ago.

The result was higher than an average forecast of 1.12 billion yuan from four analysts polled by Thomson Reuters.

For the second quarter, Tsingtao, which competes with domestic rivals such as China Resources Enterprise’s Snow beer, posted a net profit of 907 million yuan, up from 539 million a year earlier, according to Reuters calculations based on company data.

Tsingtao’s first-half revenue rose 11.7 percent to 15.0 billion yuan, it said in a filing on the Shanghai stock exchange.

Tsingtao’s Hong Kong-listed shares are up about 27 percent this year, outpacing a 4.2 percent fall in the Hang Seng Index . ($1 = 6.1202 Chinese yuan) (Reporting by Donny Kwok and Christina Lo; Editing by David Holmes)

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