The China North Industries Group Corporation (Norinco Group) has posted strong gains in the first quarter of fiscal year (FY) 2019, the state-owned enterprise has announced.
In a press release on 24 April, the group said its total profit reached CNY5.43 billion (USD805 million), a year-on-year increase of 11%. Norinco Group also said its revenue increased by 6.3% during the quarter but did not elaborate.
The corporation attributed growth to reforms it is undertaking in areas such as civil-military integration and research and development as well as efforts to expand exports and increase productivity.
Such efforts are firmly in line with the stated priorities of the Chinese government to improve strategic industrial capability.
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