Increased sales of its core brand and tight cost control were reasons for the mainland's largest beer-maker, Tsingtao Brewery, posting a 64.46 per cent year-on-year gain in net profit to 113.31 million yuan (about HK$106.2 million) in the six months to June 30.
The gain was in line with a growth forecast of more than 50 per cent.
The company, which is dually listed as an H share and A share, said growth also resulted from its rapid expansion strategy through acquisitions since 1997.
Tsingtao has acquired more than 30 breweries, mostly small loss-making regional firms which usually take three years of restructuring and upgrade before starting to contribute earnings.
The acquisitions continue to sell their original brands until upgrades are completed allowing production of Tsingtao beer.
Sales under the higher-margin Tsingtao brand rose 39 per cent year on year in the period.
