Changyu profits drop in the first half of 2014

29 AUG 2014
China’s largest wine producer, Yantai Changyu Pioneer Wine Co, reported more falls in sales and profits in the first half of 2014, despite a slight recovery in the second quarter.
In the six months to the end of June, Changyu’s net sales dropped by 9.3% versus the same period in 2013, to CNY2.3bn. Its net profit also fell by 13.8% to CNY638m, the company said.
The lack of interest in the high-end wine due to the government austerity measures has hit Chinese winemakers alongside imported wines over the past couple of years.
‘Multiple factors, such as a slowdown of domestic economic growth [and] an overwhelming flow of foreign wine into [the] Chinese market, the competition in the domestic wine in........ read more

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