Chinese wine producer Wuliangye Yibin Co. has posted a leap in third-quarter profits, according to local reports.

The company, based in China's south-western Sichuan province, saw net profit leap 10.6% to CNY199.8m (US$25.2m) thanks to higher selling prices.

Revenues rose 34.5% to CNY1.6bn, according to a report from the AFX Asia news agency today (18 October).

Wuliangye is understood to be looking to become one of China's top three domestic wine producers.

Wine consumption is on the rise in China and elsewhere in Asia. Wine show organisers Vinexpo have predicted that wine consumption is to leap 16% between 2003 and 2008 to 767m litres.