China's alcohol-making industry sees profits up 1.3%

BEIJING -- China's major alcohol enterprises saw their profits increase by 1.3 percent year-on-year to reach 103.31 billion yuan (about $15.48 billion) in the first eight months of 2020, according to data released by the Ministry of Industry and Information Technology.

During the same period, alcohol-makers with more than 20 million yuan in annual revenue from their main operations registered total revenue of 512.95 billion yuan, down 2.4 percent from a year earlier, the ministry said.

Chinese liquor-making enterprises saw their output reach 4.18 million kiloliters in the January-August period, down 11.1 percent year-on-year.

The output of breweries went down 7.9 percent year-on-year, while that of winemaking companies dropped 28.8 percent year-on-year in the same period.