Liquor sales hit by slow econ­omy, aus­ter­ity drive

China Daily (Canada) - - NEWSCAPSULE -

First-quar­ter rev­enues and prof­its for China’s leading liquor pro­duc­ers were hard hit by the coun­try’s slow­ing econ­omy and aus­ter­ity and anti-cor­rup­tion cam­paigns.

Bai­jiu maker Shui Jing Fang Group saw a loss of 85 mil­lion yuan ($13.7 mil­lion) in the first three months of 2014 and is fore­cast to re­port a net loss this year.

Wu­liangye Group, an­other top bai­jiu brand, said net prof­its were down by 27.8 per­cent to 2.61 bil­lion yuan and rev­enue of 6.71 bil­lion yuan, down 22.5 per­cent.

Ji­ugui Liquor Co Ltd recorded rev­enue of 81.3 mil­lion yuan, down 58.94 per­cent, and net prof­its de­clined 83.92 per­cent to 1.62 mil­lion yuan. Kwe­i­chow Moutai Co Ltd, the flag­ship brand in the in­dus­try, saw slight growth at 2.96 per­cent in terms of net prof­its, but it still was its low­est growth in net prof­its in the first quar­ter since go­ing pub­lic in 2001. (Photo 5)

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