Guyuelongshan Wine 2010 earnings up 62.51%

Zhejiang Guyuelongshan Shaoxing Wine (600059) reported a 62.51 percent increase in 2010 net profit to 124 million yuan, reports China Business News, citing a company filing. Sales revenue in 2010 rose 45.73 percent to 1.079 billion yuan, with total liquor sales hit 1.054 billion yuan, up 44.9 percent.

The company attributed the increase in sales revenue to its newly acquired subsidiary Shaoxing Nuerhong.

Guyuelongshan predicts 2011 sales revenue will rise 20 percent to 1.3 billion yuan, following a 25 percent increase in profit.