China's top liquor brand reports strong growth in 2017

GUIYANG - China's top alcohol brand Kweichow Moutai saw its sales revenue jump by 49.81 percent year-on-year in 2017, reflecting robust growth in the country's liquor industry.

Moutai's net profit reached 27 billion yuan ($4.3 billion), up 61.97 percent year-on-year. Its sales revenue during the period reached 58.2 billion yuan, the company said Tuesday.

In 2017, Moutai saw its output reach around 63,787 metric tons.

Distilled in the town of Maotai in Southwest China's Guizhou province, Moutai is one of the country's leading liquor brands and often served at state banquets.

The company said in 2017, the country's liquor industry entered a new round of growth. Distillers have tapped e-commerce retail channels to help boost sales. Moutai is eyeing a 15-percent growth in revenue this year.

China's alcohol industry earned about 1 trillion yuan in revenue in 2017. The total profits rose by 36 percent year on year to over 100 billion yuan, according to China National Light Industry Council.