China liquor maker Wuliangye continues to see solid profit growth

BEIJING, May 2 (Xinhua) -- China's leading liquor producer Wuliangye Yibin Co., Ltd. continued to see strong profit growth in the first quarter of 2019, according to a company statement.

Net profits jumped 30.3 percent year on year to 6.5 billion yuan (about 962.4 million U.S. dollars) in Q1, according to the statement.

Revenue expanded 26.6 percent to 17.6 billion yuan during the period.

Wuliangye's net profits recorded a 38.4-percent increase in 2018 due to sales growth and cost cuts.

The company set a revenue target of 50 billion yuan, an annual growth of 25 percent, for 2019.