Sichuan Shuijingfang Company Ltd., one of the country's leading white spirit producers, Friday reported a small increase in its 2009 net profit despite strong revenue growth.

The high-end liquor producer said its net profit rose 2.19 percent to 320.56 million yuan (47.14 million U.S. dollars) last year. The company's business revenue jumped 42 percent year on year to 1.67 billion yuan.

Earnings per share increased 3.13 percent to 0.66 yuan, the company said in its annual report filed to the Shanghai Stock Exchange.

The company attributed its slow profit growth to shrinking demand due to the economic downturn and fierce competition from domestic liquor producers.

But the distiller showed confidence in profit growth this year, saying demand would pick up as the economy rebounded strongly.

The company's stock edged up 2.35 percent to 22.22 yuan per share Friday.