China Resources net up 79 pct on sales and disposal

China Resources Ltd <0291.hk> SAB Miller's partner in a country where it is the largest brewer of beer, posted a 79 percent rise in full-year profit, thanks to strong retail and beer sales, and gains from the sale of a unit.

The beverage-to-ports conglomerate processes meat, operates supermarkets, owns slices of container ports, runs a joint venture with fashion retailer Esprit <0330.hk>, and produces China's premium "Snow" beer brand with partner SABMiller, which competes with Tsingtao Brewery <0168.hk> and Yanjing Brewery <000729.sz>.

The disposal of the entire interest in the groups' non-core petroleum distribution operation, completed in June 2007, generated a gain of HK$2.4 billion.

The Beijing-backed firm posted HK$4.96 billion ($637.3 million) in net profit for the year, compared to HK$2.78 billion a year ago.

That result beat a forecast of roughly HK$4.69 billion, according to the latest consensus of 14 analysts polled by Reuters Estimates.

Shares in China Resources rose nearly 50 percent in 2007, easily beating the 39.3 percent climb on Hong Kong's benchmark Hang Seng Index <.HSI>. But the stock is down more than 26 percent over the past three months as investors bail due to fears about the global impact of a U.S. recession.