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Profits of China's top aircraft maker up 14% last year

(Xinhua)
Updated: 2010-01-21 13:31
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Profits of the Aviation Industry Corporation of China (AVIC), the country's top aircraft manufacturer, reached 9.7 billion yuan ($1.4 billion) in 2009, up 32.2 percent year-on-year, the company said on Wednesday.

Business revenue hit 191 billion yuan, up 14.4 percent, the aircraft conglomerate said at an annual summit of the company on Wednesday.

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The company gave no details on its profit and revenue increases, but said its business had realized steady and relatively fast growth through restructuring amid the global financial crisis last year.

AVIC saw 10 major merger-and-acquisition deals in 2009, including the the acquisition of 91.25 percent stakes of Future Advanced Composite Components by AVIC's subsidiary Xi'an Aircraft Industry Company Ltd in December last year.

In November, AVIC agreed to transfer its auto operations to the Changan Automobile Group Co in return for a 23-percent share in Changan.

The market value of AVIC's listed companies increased 158 percent to 147.3 billion yuan in 2009.
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