Chinese liquor maker Wuliangye posts solid profit growth

SHENZHEN - China's leading liquor producer Wuliangye Yibin Co Ltd reported a 31-percent net profit growth in the first half of 2019.

The company's net profit jumped to about 9.3 billion yuan ($1.3 billion) from 7.1 billion yuan in the same period last year, the company said in its preliminary earnings estimate report filed to the Shenzhen Stock Exchange.

Its revenue grew 26.5 percent year-on-year to 27.2 billion yuan during Jan-June period.

The company earlier set a revenue target of 50 billion yuan, an annual growth of 25 percent, for this year.

The liquor maker said the profit and revenue growth came after its product structure adjustment and both sales volume growth and price hikes of its core product Wuliangye, a well-known brand of baijiu in China.

Boosted by the strong earnings growth, Wuliangye saw its shares jump 3.7 percent to close at 121.18 yuan in Shenzhen bourse Tuesday.