Beijing Yanjing Brewery Co, China's third-largest brewer, had a 21 percent jump in second-quarter profit as sales almost doubled. Net income climbed to 126 million yuan (US$15 million) from 104 million yuan in the year-earlier period.
Sales rose 90 percent to 1.59 billion yuan from 837 million yuan a year.
Bloomberg derived the figures by subtracting Beijing Yanjing's first-quarter results from first-half earnings released by the Beijing-based company.
No Foreign Partner
Beijing Yanjing is the last large local beer maker without an overseas partner, as Anheuser-Busch Cos, SAB Miller Plc and other foreign brewers expand to China to counter stagnating home markets.
They have been jostling to gain market share in China, where annual consumption averages 19 liters a person and is forecast by analysts to rise along with incomes in the fastest-growing of the world's top 10 economies. Chinese consumption is about half that of the South Korean average and about a third of what Australians quaff.
Anheuser V. Miller
Anheuser-Busch, the world's biggest beermaker, is buying out Harbin Brewery Group Ltd, boosting its stake in China's fourth-largest brewery to 99.7 percent.
This comes after it ousted SAB Miller in a takeover battle in June. Yanjing in March bought control of rival Huiquan Brewery Group Inc. from the government of the southeastern province of Fujian.
Declining Share Price
Yanjing shares dropped 2.75 percent to 11.33 yuan in Shenzhen on Friday. The shares have risen 21 percent this year compared with a 7.4 percent slide by the benchmark Shenzhen composite index.
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