(Yicai Global) April 28 -- Shares of Wuliangye Yibinsoared to the highest since mid-January today after the Chinese high-end baijiu distiller said that its net profit rose in the first quarter as sales expanded during the times of social distancing amid the Covid-19 outbreak.

Wuliangye Yibin’s shares [SHE:000858] gained 5.3 percent to CNY139.69 (USD19.70) in the afternoon.

The company's net profit climbed 19 percent to CNY7.7 billion (USD1.1 billion) in the first quarter from a year earlier, the Sichuan province-based firm said in its earnings report published today. Its revenue rose by 15 percent to CNY20.2 billion.

The liquor sector is growing along with fierce competition that brings a competitive edge to dominant brands and high-end products, the firm added.

Editor: Emmi Laine