Moutai cuts sales goal

Kweichow Moutai Co plans to reduce its sales target for 2013, in response to the government's new ban on liquor at official functions and the gloomy domestic liquor market caused by a plasticizer scandal at the end of 2012, the Shanghai Securities News reported Tuesday.

The company will aim for 18 percent growth in sales volume to 41.6 billion yuan ($6.7 billion) through 2013, lower than the previous goal of 50 billion yuan, said the report, citing Moutai chairman Yuan Renguo.

But the Shanghai-listed company predicted Friday that 2012's net profits will show a 50 percent year-on-year growth.