TSINGTAO Brewery Co has reported that profit climbed 18 percent for the first three months after growing demand for beer during China's Spring Festival.

The Qingdao, Shandong Province-based beer maker made a profit of 88.2 million yuan (US$11.4 million), or 0.0674 yuan a share, compared with 74.9 million yuan, or 0.0573 yuan a share from a year earlier, it said in a statement to the Shanghai Stock Exchange yesterday. Sales of the company lifted by 16 percent to 2.86 billion yuan during the same period.

The brewer, 27 percent owned by world's biggest brewer, Anheuser-Busch, plans to increase sales of China's national beer brand Tsingtao by 17 percent this year to improve its profitability after losing its position as the country's biggest brewer by sales to SABMiller Plc's Chinese venture.

Source:佚名