HONG KONG, Aug 28 (Reuters) - China’s second largest beer maker Tsingtao Brewery Co Ltd said on Tuesday first-half profit rose 13.4 percent helped by its efforts to control costs, prevent excess production and boost efficiency.
Net profit for the first six months of the year was 1.30 billion yuan ($189 million), compared with 1.15 billion yuan a year ago, while revenue rose 0.6 percent from a year ago to 15.2 billion yuan, the brewer said in a filing on the Shanghai stock exchange.
Tsingtao’s larger local rival China Resources Beer (Holdings) Co Ltd this month posted a 29 percent rise in first-half profit amid higher prices and improved sales of premium beers, a trend it said would continue.
China is the world’s largest beer market by sales but Chinese firms have found it challenging to deliver profits due to fierce competition between local brewers and global beer giants AB InBev, Heineken NV and Carlsberg.
Tsingtao’s net profit climbed 15.2 percent in the first quarter after the firm posted its fastest annual profit growth since 2010 as it reined in costs.
$1 = 6.8740 Chinese yuan renminbi Reporting by Donny Kwok Editing by Edmund Blair