China: Beijing Yanjing Brewery Co., the third largest beer maker of China, said it aims to be among the world's top 10 beer makers this year without the help of foreign brewers. The company announced on March 1 its net profit increased by 12% in 2004. The Beijing-based brewer's net profit rose to CNY270.51 million in 2004, from CNY241.93 million in 2003. Yanjing Brewery attributed the increase to the launch of more medium- and high-end beer increased its revenue. Company's beer sales rose 32 % to 2.64 million tonnes in 2004 from a year earlier, Yanjing Brewery said.

Its core revenue rose 36% to CNY4.67 billion, from CNY3.43 billion in 2003. The figures were audited, consolidated and based on Chinese accounting standards.

Yanjing Brewery, which has A shares listed in Shenzhen, has said it aims to be among the world's top 10 beer makers this year without the help of foreign brewers. Yanjing holds a stake in Huiquan Brewage Group Inc. The brewer announced a two-for-10 bonus share issue based on profits and a three-for-10 bonus issue based on reserves.

Foreign brewers have been keen to enter China's beer market, which surpassed the U.S. in 2002 to become the world's largest in volume terms. Anheuser-Busch Cos. holds stakes in Tsingtao Brewery and Harbin Brewery Ltd., while SABMiller PLC has invested in China Resources Breweries Ltd., the 51%-owned unit of Hong Kong-listed China Resources Enterprise Ltd.

02 March, 2005