In Los Angeles item headlined "CBR
Brewing sees improved profit growth," please read stock symbol in
headline.
A repetition of the story follows.
LOS ANGELES, Aug 25 (Reuters) - CBR Brewing Co. Inc. said Tuesday that
mid-priced brands of beer would boost its profit growth in 1999. The
Los Angeles-based company, which markets and produces beer in China,
said it introduced two new Pabst Blue Ribbon beer products into China
in March in hopes of increasing market share. "With our new products
and the additional production capacity we have in process currently,
we expect to resume overall profit growth in 1999, " said Chen
Zi Shou, president of CBR. "We are highly encouraged by the early
success of our mid-priced products." The forecast came after the
company reported lower second quarter net income despite slightly higher
sales. "We believe that the best near-term growth prospects in
the China beer market are in the mid-priced sector," the CBR chief
said. "We are positioning the company for future growth since the
premium sector has slowed and mid-priced products are offering new opportunities,"
he said. The company said shifting production from premium to mid-priced
beer had reduced margins but would lead to growth opportunities.
"With our new products and the additional production capacity
we have in process currently, we expect to resume overall profit growth
in 1999, " said Chen Zi Shou, president of CBR. "We are highly
encouraged by the early success of our mid-priced products."
The forecast came after the company reported lower second quarter net
income despite slightly higher sales.
"We believe that the best near-term growth prospects in the China
beer market are in the mid-priced sector," the CBR chief said.
"We are positioning the company for future growth since the premium
sector has slowed and mid-priced products are offering new opportunities,"
he said.
The company said shifting production from premium to mid-priced beer
had reduced margins but would lead to growth opportunities.
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