Chinese liquor makers have reason to cheer

Revenue growth continued for China's major liquor brands in the first quarter.

Wuliangye Group said in a Tuesday report that first quarter revenue edged up 5.41 percent from the previous year to 8.68 billion yuan ($1.40 billion) while net profits rose 18.91 percent to 3.63 billion yuan in the same period.

The Gujing Group registered revenue of 1.57 billion yuan in the first quarter, up 18.71 percent year-on-year, while the net profit increased 20.12 percent to 308 million yuan.

China's major liquor brands saw revenue grow more than 50 percent annually in 2011 and 2012.

Revenue growth of beer and wine produced from rice or millet maintained robust growth.

Chongqing Beer Group Co Ltd said that its net profit rose 8.49 percent year-on-year in the first quarter, higher than the 3.53-percent growth in 2012. Shanghai Jinfeng Wine Co Ltd saw its profit go up 12.10 percent year-on-year.