Moutai cheers 14% climb in earnings
Source: Shanghai Daily |
April 3, 2010, Saturday
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Print Edition
Print Edition
NET profit at China's renowned liquor company Kweichow Moutai Co rose nearly 14 percent in 2009 from a year earlier, as market demand strengthened amid an economic recovery.
Moutai earned 4.31 billion yuan (US$6.32 billion) in net income last year, according to its annual report filed to Shanghai Stock Exchange yesterday. Its revenue increased 17.33 percent to 9.67 billion yuan. Its earnings per share hit 4.57 yuan, lower than analyst expectations of 5.10 yuan for 2009.
"High management costs and sales expenses ate into the company's profit in the fourth quarter (which fell 19.7 percent)," said analyst Yuan Feiyang at China International Capital Co. "The raising of a consumption tax also hit its annual profit."
Guizhou-based Moutai was among liquor makers in China that was hit by the higher consumption tax which took effect from August. Most of the distillers were forced to raise prices of their products to pass on the extra costs to consumers.
Moutai said it aims to finish building a liquor production project to ensure an 8 percent growth in its business this year.
Another leading liquor producer Sichuan Swellfun Co yesterday also said its 2009 net profit gained 2.2 percent to 320 million yuan. The company attributed the small increase to shrinking demand due to the economic downturn.
Moutai earned 4.31 billion yuan (US$6.32 billion) in net income last year, according to its annual report filed to Shanghai Stock Exchange yesterday. Its revenue increased 17.33 percent to 9.67 billion yuan. Its earnings per share hit 4.57 yuan, lower than analyst expectations of 5.10 yuan for 2009.
"High management costs and sales expenses ate into the company's profit in the fourth quarter (which fell 19.7 percent)," said analyst Yuan Feiyang at China International Capital Co. "The raising of a consumption tax also hit its annual profit."
Guizhou-based Moutai was among liquor makers in China that was hit by the higher consumption tax which took effect from August. Most of the distillers were forced to raise prices of their products to pass on the extra costs to consumers.
Moutai said it aims to finish building a liquor production project to ensure an 8 percent growth in its business this year.
Another leading liquor producer Sichuan Swellfun Co yesterday also said its 2009 net profit gained 2.2 percent to 320 million yuan. The company attributed the small increase to shrinking demand due to the economic downturn.
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