Kweichow Moutai net profit up 5.9%

    MAJOR domestic liquor maker Kweichow Moutai Co., the country’s biggest distiller by sales, said Friday its third-quarter net profit rose 5.9 percent as it continues to shake off the impact of a widespread crackdown on luxury spending.

    The maker of popular Chinese liquor “baijiu,” which has a market capitalization of nearly US$60 billion, saw net profit climb to 3.7 billion yuan (US$545.8 million), versus 3.5 billion yuan in the same quarter last year. Revenue was up around 4.6 percent to 7.9 billion yuan. Baijiu is a fiery alcohol that outsells vodka worldwide.

    PetroChina reports lower profit

    PETROCHINA Co. on Saturday reported sharply lower profit for the third quarter as weaker crude prices eroded margins at China’s largest oil and gas producer.

    Faced with the worst downturn in the oil sector in a generation, the company said profit attributable to its owners plunged 76.9 percent to 1.2 billion yuan (US$177.01 million) for the July-September period.

    CITIC Securities posts 23% fall in profit

    CITIC Securities Co., China’s biggest brokerage, Friday posted a 23 percent drop in third-quarter earnings, hurt by falling fee and commission income.

    Net profit for July through September fell to 2.70 billion yuan (US$398.27 million) from 3.52 billion yuan a year earlier, the company said. Brokerages are more subdued about prospects for this year after the stock market slump last year, with many cutting costs to boost capital and expecting to take a hit from tougher margin finance rules.

    Ping An Insurance third-quarter profit rises 15%

    PING An Insurance Group Co. of China Ltd., the country’s second-largest insurer by market value, said Friday that its third-quarter net profit rose 15 percent due to strong insurance sales.

    The Shenzhen-based insurer produced a strong performance even though the government has tried this year to limit the growth of short and mid-term life insurance products to reduce risks from insurers using short-term funds to invest in stocks and long-term assets. Ping An’s net profit was 15.73 billion yuan (US$2.32 billion) in the quarter ended September, compared with 13.63 billion yuan the same period last year.