SDIC reports 32% rise in '11 profit
Updated: 2012-01-12 09:27
(Xinhua)
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BEIJING - State Development and Investment Corp (SDIC), China's largest State-owned investment holding company, said Wednesday that its profit rose 32 percent year-on-year to 9 billion yuan ($1.43 billion) in 2011.
Revenue increased 24 percent to 80 billion yuan. Total assets hit 280 billion yuan at the end of last year, up 18 percent from the start of 2011.
The fast profit growth of the Beijing-based company was mainly attributable to the robust growth of its coal and high-tech businesses, which earned 3.4 billion yuan and 2.5 billion yuan in profits last year, respectively, said SDIC Chairman Wang Huisheng.
Meanwhile, the company's power generation business posted good results although rising coal prices and strictly controlled electricity prices pushed many other thermal power companies into losses. Power generation contributed 1.5 billion yuan to SDIC's profit in 2011.
The company aims to raise its business revenue to 93.2 billion yuan with a profit of 10 billion yuan this year, Wang said.
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