Tsingtao Profits Soar Even As Demand Slumps

Chinese brewer Tsingtao has announced an enormous 53.8% increase in first quarter net profit. Achieved amid weak consumer demand, which saw Q109 industry volume sales growth plummet from the double-digit highs enjoyed in 2008, the increase in profits has been primarily attributed to lower income tax expenses. However, Tsingtao did also manage to outperform the struggling industry in volume terms, leaving it confident of a successful

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