(Yicai Global) Aug. 28 -- Although Chinese baijiu distiller Wuliangye's profits widened less than before in the first half as people drank less of its upscale beverages amid the pandemic, the growth still surpassed that of market leader Kweichow Moutai.

Wuliangye's net profit rose 16 percent to CNY10.9 billion (USD1.6 billion) from a year earlier, the Yibin-based firm said in its earnings report released yesterday. A year ago, it had jumped 33 percent. Its revenue climbed 13 percent to CNY30.8 billion while the increase was 27 percent a year ago. More than 90 percent of the revenue came from the company's liquor business.

The world's most valuable distiller Kweichow Moutai's net profit had risen 13 percent from a year earlier to CNY22.6 billion in the six months ended June, the Guizhou province-based company said in an earnings report on July 28.

Wuliangye's sales are expected to return to normal during the Mid-Autumn Festival and National Day holiday in October, said the distiller. It had developed key option leader marketing and corporate group-buying channels but sales were still sluggish in the first quarter because of the pandemic.

Wuliangye's stock price [SHE: 000858] fell 0.5 percent to CNY236.22 (USD34.30) this morning. The shares have nearly doubled in value this year.

Editor: Emmi Laine