Tsingtao Brewery's net profit has jumped by 20% compared with 2013.

China's second largest brewery's net profit increased to 585.7 million yuan ($93.6m) in the quarter ending 31 March; it posted profits last year of 488 million yuan.

First quarter revenue grew by 17.4% thanks to an increase in marketing, Tsingtao said in its results statement.

Large brewing companies, such as Anheuser-Busch InBev SA, SABMiller, Heineken and Carlsberg, are fighting for a share of the growing Chinese middle-class alcoholic beverage market, where competition is fierce amid oversupply and low retail prices, reports Reuters.

The Chinese alcohol market was estimated to be worth about 451bn yuan last year.

Tsingtao said that had a 17.2% of slice of the Chinese market in 2013.