Kweichow Moutai's First-Quarter Net Profit Rises 16%
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Dow Jones
By Sherry Qin
Chinese liquor giant Kweichow Moutai's first-quarter net profit rose 16% on strong sales despite lackluster consumer momentum in China.
China's most valuable liquor brand said late Friday that its first-quarter net profit came at 24.065 billion yuan ($3.32 billion).
Moutai's quarterly revenue reached CNY45.78 billion, up 18% on year, on track to achieve its 15% growth goal for 2024.
Its sales to distributors surged 26% on the year to CNY26.3 billion in the first quarter, outpacing direct sales growth of 8% for the first time in the past 18 quarters.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
April 28, 2024 20:29 ET (00:29 GMT)
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