Pursuits
Moutai Profit Growth Slows Amid Xi Austerity Push
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Kweichow Moutai Co., China’s largest maker of baijiu liquor, said first-quarter profit rose 21 percent, less than half the pace of the year-earlier period as President Xi Jinping pushes to curb extravagant spending by government officials.
Earnings increased to 3.59 billion yuan ($582 million) in the three months ended March, according to a company statement to the Shanghai Stock Exchange yesterday. First-quarter earnings rose 58 percent in the year-earlier period.