BEIJING -- Liquor producer Wuliangye Group recorded a net profit increase of nearly 90 percent in the third quarter, driven by price hikes and strong sales, the company said Monday.

Net profits reached 2.75 billion yuan ($436 million), a 89.31 percent year-on-year increase, between July and September, while revenues saw a 20.2-percent rise compared with the same period last year, according to a statement released by the company.

The liquor producer attributed the growth to price hikes for its midrange products and a rapid increase in sales.

The robust growth of Wuliangye, based in the city of Yibin in Southwest China's Sichuan province, came amid the vigorous growth of the nation's liquor industry.

Liquor producers, including Moutai and Jiugui, saw profits surge in the third quarter.