Wuliangye' H1 profits soar by 50%

BEIJING -- Top liquor brand Wuliangye Yibin Co Ltd saw its half-year net profits rise 50.15 percent year-on-year.

The liquor maker, headquartered in Yibin of Sichuan province, said in its half-year performance report to the Shenzhen Stock Exchange, that profits were 5.241 billion yuan ($825.64 million). They were 3.05 billion yuan in the first quarter of the year.

Meanwhile, earnings per share went up 50 percent compared with same period last year to 1.329 yuan, according to the report.

The company attributed its profit surge to strong sales of its major white liquor brands.

In the first six months, revenues jumped 42.5 percent to 15.05 billion yuan compared with the same six-month period in 2011.

Liu Dongwei, analyst from the Dongxing Securities, said that major Wuliangye liquor products, which sell at between 700 yuan ($110) and 800 yuan, are not considered as "luxury", since it costs less than 1,000 yuan per bottle.

The stocks of the firm edged up 2.02 percent to close at 34.85 yuan per share on Monday.