SHANGHAI, April 24 China's Kweichow Moutai Co
, the world's most valuable liquor maker, reported a
25 percent rise in first-quarter net profit on Monday, propelled
by a jump in sales volumes.
The maker of fiery spirit baijiu, which can cost more than
$300 a bottle, reported a 6.1 billion yuan ($886 million) net
profit for the first three months of the year. The increase beat
the company's own forecast of 15.9 percent growth and
represented its fastest quarterly growth since the fourth
quarter of 2013.
Moutai's share price has been unscathed by Beijing's
crackdown on corruption and luxury spending, surging by 300
percent since the start of 2014 and taking its market
capitalisation to about $73 billion and past that of British
The quarterly results provide further evidence of the
company's return to stronger growth after years of sluggish
earnings and sales. Moutai said this month that 2016 full-year
net profit had risen by 7.8 percent.
Moutai, a household name in China and once hailed as helping
China's Red Army survive the tortuous Long March in the 1930s,
is the country's top maker of baijiu. The strong, colourless
spirit, which is usually made from sorghum, outsells vodka
($1 = 6.8845 Chinese yuan renminbi)
(Reporting by Adam Jourdan; Editing by Randy Fabi and David