Changyu Pioneer Wine Net Profits Up 46.01% in H1

Yantai Changyu Pioneer Wine Company Limited (SZSE: 000869) reaped net profits of CNY 398.8045 million in the first half of 2008, rising 46.01% from a year earlier, says the wine maker on August 27 in its financial report.

Basic earnings per share stood at CNY 0.76. Operating revenues amounted to CNY 1.82125 billion, increasing 26.55% from the prior January-June period. Operating profits went up 35.15% to CNY 515.8552 million. Total profits added up to CNY 516.02424 million, climbing 35.16%.

In the first six months of the year, Changyu sold 10,930 tons of Cabernet Series and 1,270 tons of Chateau Series, jumping 26% and 52%, respectively, thanks to its efforts to accelerate marketing in the period.

Notably, growth in sales revenues was still driven by the mounting sales of its wine and brandy. Sales of healthcare alcoholic drinks, though grew to a large extent, did not meet the target. Champagne contributed only a little to its profits and revenues.