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Shares of Lion Nathan Ltd, Australia's second-largest brewer, rose 3 percent after it said its Chinese breweries will break even this year, allowing it to meet its A$180 million (US$117 million) earnings target.

Lion Nathan's Chinese brewing volumes rose 18 percent in the three months to June 30, suggesting the SARS outbreak didn't dent sales much as people stayed at home during the epidemic rather than risk infection in restaurants and bars. "Three months on, (the) threat has abated," Sydney-based Lion said.

"There was a risk that consumer sentiment would remain subdued for a little while longer - the news about China was a pleasant surprise," said Craig Wool-ford, an analyst at Common-wealth Research Equities, who rates the stock a "buy."

Lion Nathan, which is 46 percent owned by Japan's Kirin Brewery Co, is ending losses in China, after it started there in 1995, by adding Kirin brands to its range. It has tried for about eight years to make a profit in China, the world's second-largest beer market, by competing with local brands.

Shares of Lion Nathan rose 14 cents to A$5.48 at 12:31 pm yesterday in Sydney and earlier rose as high as A$5.50. The shares have shed 3.4 percent this year.

Earlier this year, it started making beer in China for Kirin using spare capacity at its Suzhou brewery. China accounted for less than 4 percent of Lion Nathan's sales last year though it was the fastest-growing business by revenue.

"With the SARS epidemic now over, volume growth has strengthened and performance is expected to be in line with previous guidance," Lion Nathan's statement said.

Lion Nathan in December forecast earnings from operations this year will rise 11 percent to A$180 million. It reiterated the forecast at its first-half results in May while saying meeting the target would depend on the impact of SARS.

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