HONG KONG Oct 30 Tsingtao Brewery Co Ltd
, the company behind China's best-known beer
brand, said on Wednesday its third-quarter net profit rose 14
percent as rising beer sales and stringent cost controls helped
offset higher marketing spending.
China's second-largest beer maker by volume, in which
Japan's Asahi Breweries owns a stake of more than 19
percent, said its net profit totalled 770 million yuan ($126
million) in the three months ended in September, up from 675.2
million yuan a year earlier.
That was lower than an average forecast of 789 million yuan
from two analysts polled by Reuters.
Tsingtao competes with bigger rival CR Snow - a joint
venture between China Resources Enterprise and SAB
The results outperformed several of Tsingtao's domestic
rivals such as Beijing Yanjing Brewery Co Ltd and
Chongqing Brewery Co Ltd.
Tsingtao's Hong Kong-listed shares have risen 39 percent so
far this year, outpacing a 2.9 percent gain in the benchmark
Hang Seng Index.
(Reporting by Donny Kwok and Twinnie Siu in Hong Kong and
Tripti Kalro in Bangalore; editing by Lee Chyen Yee and Tom