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Report: Kweichow Moutai sees 58% profit surge in 2017 on higher demand

Kweichow Moutai Co. Ltd. projects total profit to increase by about 58% in 2017, thanks to higher demand, and plans to raise prices for its signature drink by 18% in 2018, Bloomberg News reported, citing a company statement.

The price increase, the first in five years for the spirits company's popular drink, comes amid rising demand for premium liquor, Bloomberg News said.

Kweichow Moutai also projects liquor sales volume to increase 34% in 2017 from a year earlier.

In the third quarter, the company saw its net profit surge 138.4% year over year.