Hong Kong: Kingway Brewery reports a 19% rise in 2005 net profit
Kingway Brewery Holdings Ltd., partly owned by Dutch brewer Heineken NV, announced on April 19 its 2005 net profit was 19 percent higher from the year before, according to Associated Press.
The brewer, based in the southern Chinese province of Guangdong, said net profit rose to HK$198.3 million (US$25.57 million, euro20.67 million) from HK$166.2 million in 2004. Kingway didn't give a reason for the increase in its earnings in a brief statement to the Hong Kong stock exchange.
The company said its 2005 revenue rose to HK$1.2 billion (US$154.7 million, euro125.09 million) from HK$924.5 million.
The Chinese brewer is controlled by state-owned Guangdong Yue Gang Investment Holdings Ltd. But Heineken holds a 21.44 percent stake in Kingway.
Heineken acquired its stake in Kingway in 2004 for euro57 million through its joint venture with Singapore-listed Asia Pacific Breweries, Heineken Asia-Pacific Breweries China.
The Dutch brewer had sought to increase its stake in Kingway, but ended discussions with the Chinese brewer in August last year. Kingway has four production plants in Guangdong province.
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