The Aviation Industry Corporation of China (AVIC) posted record revenues and profit during 2019 on the back of enhanced efficiencies and continued restructuring, the state-owned group has announced.
AVIC said on 13 January that revenues in 2019 reached CNY458 billion (USD66.4 billion) and net profit was CNY19.8 billion. These represent annual increases of 12% and 8.5% respectively, indicating its strongest growth for several years.
In summing up its performance during 2019, AVIC said in a statement that it has become “slimmer and fitter”. During the year, it said, AVIC restructured and downsized 109 legal entities. The enterprise gave no details but indicated that these entities were performing “poorly”.
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