BEIJING - China North Industries Group Corp, the country's largest defense equipment manufacturer, said Thursday that its profits jumped 18.7 percent year-on-year last year amid a slowing global economy.
Profits totaled 10.27 billion yuan ($1.63 billion) in 2012, up from 8.65 billion yuan in 2011, Zhang Guoqing, the company's general manager, said at an annual work meeting.
Revenues stood at 351 billion yuan, up 14.5 percent from one year earlier, according to Zhang.
He attributed the profit growth to the company's continuous technical innovation and lean management.
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