China's leading liquor maker reports lower revenue, profits amid COVID-19

BEIJING -- China's leading liquor maker Sichuan Swellfun Co Ltd Monday reported a notable decline in revenue and net profits in the first half of the year (H1).

The company's operating revenue sank 52.41 percent year on year to 804 million yuan ($114.8 million) in H1, while net profits attributable to shareholders plunged 69.64 percent to 103 million yuan, according to a statement filed by the firm with the Shanghai Stock Exchange.

The COVID-19 epidemic has led to fewer social gatherings, drastically reducing alcohol consumption in the January-June period, said the statement.

Shares of the Shanghai-listed liquor maker gained 1.48 percent to close at 66.98 yuan Monday.