CHINA: Strong start to year at Yantai Changyu Pioneer
Yantai Changyu Pioneer Wine Co. has posted a lift in net profit for its first quarter.
The Chinese wine company said today (23 April) that profits for the three months to the end of March hit CNY196.94m (US$25.5m), up from CNY149.82m in the corresponding quarter a year earlier.
Total sales for the quarter also headed north, the company noted, reaching CNY995.75m against CNY911.41m.
Two years ago, Italian spirits company Illva Saronno bought a 33% stake in Yantai Changyu Pioneer at a cost of CNY481.4m. The stake was sold by the Yantai city authorities.
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