October 25 -- Spirits makers continued to post positive earnings figures, with Jiangsu Yanghe Brewery Joint-Stock (002304.SZ) recording a 135.27 percent year-on-year rise in third quarter net profit to 1.1 billion yuan on a 7.55 percent increase in revenue to 3.53 billion yuan, reports Shanghai Securities News, citing a company filing.

During the first three quarters, Yanghe Brewery posted 74.59 percent and 89.88 percent year-on-year increases in revenue and net profit to 9.7 billion yuan and 2.92 billion yuan, with earnings per share of 3.24 yuan.

Yanghe Brewery forecasts a 70-90 percent year-on-year increase in full year 2011 net profit due to higher sales revenue, optimization of sales structure, and its rapid expansion into other provinces.

In addition, Yanghe Brewery had raised the ex-factory prices of some of its products on September 13.

Anhui Gujing Distillery (000596) recorded a higher than expected increase in net profit attributable to shareholders during the first three quarters, with net profit rising 145.4 percent year-on-year to 350 million yuan on a 79.59 percent rise in revenue to 2.24 billion yuan, according to a company filing.

The spirits maker had previously forecast a 130 percent rise in net profit.

Sales-related costs increased 67.56 percent year-on-year due to an increase in spirits sales.

Sichuan Tuopai Shede Wine (600702) said net profit increased 74.12 percent year-on-year to 94.18 million yuan during the first three quarters, according to a company filing.

The company integrated the Tuopai and Shede brands in the first half, and this helped to increase the sales of mid to high-end products during the reporting period.

Tuopai Wine forecasts a more than 70 percent year-on-year rise in full year 2011 net profit on higher sales of its high-end spirits.
Anhui Golden Seed Winery (600199) forecasts a more than 150 percent year-on-year increase in net profit during the first three quarters.

Sichuan Swellfun (600779) forecasts a 50-100 percent net profit growth for the first three quarters.

An analyst said the rising prices of spirits produced by Kweichow Moutai (600519) and Wuliangye Yibin (000858) had left room for growth for the other high-end spirits producers such as Yanghe Brewery and Gujing Distillery. 

Shares of Tuopai Wine rose 0.83 percent to trade at 18.15 yuan per share at 10:58 today.
 

Source:CapitalVue