Liquor giant Wuliangye reports 19.8 pct profit drop

Net profits of Chinese liquor giant Wuliangye Yibin Co., Ltd. dropped 19.75 percent to 7.97 billion yuan ($1.3 billion) last year, the latest data showed.

In 2013, business revenues of the market leader totaled 24.72 billion yuan, falling 9.13 percent from a year earlier, the company said in its annual report filed with the Shenzhen Stock Exchange.

The slower profit growth came as China's liquor industry undergoes a restructuring period following wild growth in the past decade. The ongoing nationwide campaign to curb extravagance has also dealt a blow to high-end liquor brands such as Wuliangye.

Wuliangye said the industry will remain in an adjustment period, and the company will aim to realize positive growth of business revenues for 2014.