Wuliangye Yibin : First-Half Net Profit Grew 16%

By Martin Mou

Wuliangye Yibin Co.'s first-half net profit rose 16% compared with the same period a year earlier, helped by higher operating income.

Net profit was 10.86 billion yuan ($1.58 billion) as operating income climbed 13% to CNY30.77 billion, the Chinese liquor maker said late Thursday.

Wuliangye said it initiated a series of measures to stabilize operations and boost sales to cope with the Covid-19 pandemic.

The company's Shenzhen-listed shares, last down 0.5% at CNY236.85, have gained 80% year to date.

Kweichow Moutai Co., a major rival to Wuliangye in China's premium baijiu market, last month posted a 13% increase in its first-half net profit.

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