The Aviation Industry Corporation of China (AVIC) has reported an increase in yearly revenues but another decline in profits.
In a press release on 1 February, the state-owned group said its revenues in the year were a record high of CNY403.5 billion (USD64 billion) – a year-on-year increase of 9%.
AVIC attributed the rise mainly to military programmes. “The overall accomplishment of military tasks was significantly better than in previous years,” it said.
Despite this, profits were down. The corporation said it generated a total profit of CNY16.55 billion. While this represents only a mild decline of 1% compared with 2016, it is also the second profit decrease in successive years.
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