China's national liquor Moutai reports growth in first 11 months

GUIYANG - Moutai, China's national liquor served at official occasions and state banquets, survived the country's frugality campaign and saw its sales revenues rise by 4 percent year on year from January to November, according to the Kweichow Moutai Group on Monday.

Sales revenues reached 35.7 billion yuan ($5.5 billion) in the first 11 months. Its profits during the same period were 19.3 billion yuan, up 1.88 percent year on year, according to the group's 2015 dealers annual gathering.

Leading China's high-end liquor market, Moutai's sales revenues and profits accounted for 27 percent and 45 percent of the country's 18 listed liquor companies respectively, according to the group.

Moutai's timely price reduction helped offset the effect of a national frugality campaign that started in 2013 to curb extravagance.

The liquor industry is still in the period of transformation and is preparing for a recovery, said Yuan Renguo, the group chairman.

The liquor industry had a weak recovery in 2015 after three years of adjustment, he said.

Moutai, distilled in the town of Maotai in Guizhou, has been considered the country's top liquor brand as well as a status symbol for decades.