BEIJING -- China South Locomotive and Rolling Stock Industry Group Corporation (CSR), the country's largest bullet train producer, reported nearly 40 percent surge in business revenue last year, the State-owned enterprises watchdog said Thursday.

According to the calculation of State-owned Assets Supervision and Administration Commission of the State Council (SASAC),the company's business revenue jumped 39.9 percent year-on-year to 66.8 billion yuan ($10.28 billion) in 2011.

The revenue dwarfed its Canadian rival Bombardier, to rank first in the rail transportation industry.

The company's profits jumped 60 percent to 3.55 billion yuan in 2010.