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CNMIC 2010 revenue rises 46% to US$23.89 billion
Date:2011/1/18      View:1156
China National Machinery Industry Corp. (CNMIC) said Monday its revenues rose 46 percent year on year to 155.3 billion yuan (23.89 billion U.S. dollars) in 2010.

Further, its profit jumped 33 percent from one year earlier, the company said, without giving the specific number. Also, its assets increased 27 percent to 124.9 billion yuan.

The sharp rise in the company's revenues added the Beijing-based manufacturer onto the list of Fortune Global 500 companies, whose threshold was set at about 120 billion yuan by revenue.

CNMIC Chairman Ren Hongbin said the company's growth rate might fall over the next five years, given possible yuan appreciation, reindustrialization in the U.S. and Europe and fluctuations in raw material prices.

Ren said the company would further enhance its innovative capacity and raise its core competitiveness in order to make its revenue exceed 400 billion yuan by 2020.
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