SHENZHEN - China's leading liquor producer Wuliangye Yibin Co Ltd saw net profit rise 38.4 percent year-on-year in 2018 mainly due to sales growth and cost cuts.

In its 2018 financial results filed to the Shenzhen Stock Exchange, Wuliangye said it reaped a net profit of 13.4 billion yuan ($2 billion) last year.

Its revenue rose 32.6 percent year-on-year to 40 billion yuan mainly due to sales growth and price hikes, the company said.

The revenue growth beat its 26 percent target set for 2018, it said.

Wuliangye set a revenue target of 50 billion yuan, an annual growth of 25 percent, for 2019.