BEIJING, March 21 (Xinhua) -- Renowned Chinese liquor producer Kweichow Moutai Co., Ltd. announced Monday its annual net profit in 2010 rose 17.13 percent year on year on strong market demand.

Its net profit hit 5.05 billion yuan (769.17 million U.S. dollars), the Guizhou-based firm said in its 2010 annual report filed to Shanghai Stock Exchange.

The company's annual business revenue increased 20.3 percent from one year earlier to 11.63 billion yuan while earnings per share stood at 5.35 yuan.

The economic rebound accelerated the development of liquor industry despite rising raw material prices, said the report.

The A-share price of the upmarket distiller opened down 0.70 percent from the previous close to 189.8 yuan Monday.