E-Malt.com News article: 996

Tsingtao Brewery, the Chinese largest brewer, announced that the outbreak of the SARS (Severe Acute Respiratory Syndrome) virus would hurt second quarter outcome. As a result Tsingtao’s share price fell 5% on April 30. However, the company posted a slight profits rise in the first quarter of the year. "Because of uncertainty over the control of the SARS epidemic, the market prospect in the second quarter is expected to be more grim," Tsingtao said in a statement.

Tsingtao reported an unaudited first-quarter net profit of ¥59.7m (US$7.21m) compared to ¥55.6m a year earlier. Sales meanwhile were up 11% to 630 million litres. It added that the first quarter is usually a slack season for beer sales in China. Tsingtao had previously expected turnover to rise some 13% in 2003.

Last year the US-based Anheuser-Busch took a 27% stake in Tsingtao.


06 May, 2003