(Yicai Global) Jan. 30 -- Sichuan Swellfun, a listed Chinese liquor maker owned by Diageo, predicts net profit skyrocketed 69 percent in 2018, a gain of about CNY248 million (USD36.9 million).

Profit grew faster than revenue, the Chengdu-based firm said in a statement on Jan. 28. It forecasts income grew around 38 percent, or CNY770 million, as the company shifted its focus to higher-quality alcohols.

Sales by volume decreased by 1.35 million liters, or 13 percent, from a year earlier, but that was a result of fewer sales of low-end wines. Swellfun shifted 1.5 million more liters of medium- and high-end liquors, a gain of 27 percent, while selling 56 percent less of the bad booze, or 2.8 million liters.

Diageo, which was the world's largest distiller until Chinese baijiu maker Kweichow Moutai stole its crown in 2017, bought a 4 percent stake in Swellfun in 2010. It kept adding to its holdings and in June 2018 splurged CNY6.1 billion (USD908 million) to take its stake to 60 percent from 39.7 percent, making it the first foreign company to hold a listed Chinese firm.

Editor: James Boynton