Yantai Changyu Pioneer Wine's profit surges 26% in 2009

Apr. 19, 2010 (China Knowledge) - Yantai Changyu Pioneer Wine Co Ltd, one of the leading wine enterprises in China, recently announced that its net profit was RMB 1.13 billion last year, up 26.01% year on year.

Operating revenue surged 21.6% year on year, hitting RMB 4.2 billion.

Earnings per share were RMB 2.14 and a dividend of RMB 1.2 per share will be paid.

The fiscal report showed that the firm's operating revenue from wine and alcoholic beverage products amounted to RMB 4.14 billion, RMB 3.39 billion of which was derived from wine product sales. The company's gross profit margin on wine was 73.97% in 2009, 2.04 percentage points higher than in 2008.

The wine giant started six projects last year, including an RMB 250-million project in Xianyang, Shaanxi Province, an RMB 75-million project in Xinjiang Uygur Autonomous Region and an RMB 165-million project in Yantai, Shandong Province.

Reportedly, the company intends to subscribe for 340 million shares of Evergrowing Bank Co Ltd for a total of RMB 1.02 billion to become the third-largest shareholder.