HONG KONG, Oct 30 (Reuters) - 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 Miller.
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 Pfeiffer)