BEIJING - Tsingtao Brewery Co Ltd, one of China's leading beer makers, Thursday announced its 2010 net profit hit 1.52 billion yuan ($231.8 million), up 21.6 percent year-on-year.

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The company's sales revenue rose 10.4 percent year-on-year to 19.6 billion yuan due to steady market expansion, the Shanghai-listed firm said in its 2010 annual business report.

Earnings per share rose 18.4 percent from a year earlier to 1.13 yuan, according to the report.

The brewery, based in Qingdao, Shandong province, attributed the net profit growth mainly to rising sales of high-end products, said the report.