China's Moutai profit up 6.7% in Jan-Aug period

GUIYANG - Chinese liquor producer Kweichow Moutai Group said Friday that its net profit in the January-August period rose 6.7 percent year-on-year to 16.4 billion yuan ($2.5 billion).

At the International Alcoholic Beverages Expo in Guiyang, capital of Southwest China's Guizhou province, Yuan Renguo, chairman of the group, told reporters that revenue rose 15 percent to 30.8 billion yuan during the first eight months of the year.

Yuan said the growth was due to exports growth and expansion into other businesses, including e-commerce, investment and financial leasing.

During the period, output reached 69,400 tons, including 36,800 tons of Moutai brand, China's "national liquor."

Yuan said the group could meet the annual revenue and profit targets of 43.6 billion yuan and 23.1 billion yuan, respectively, for 2016.