China Huarong's net profits up 165 pct in Q1

The China Huarong Asset Management Corporation (Huarong) announced Wednesday that its first quarter net profits for 2011 surged more than 165 percent year-on-year.
The company's net profits went up 165.66 percent from a year earlier to reach 850 million yuan (about 128.8 million U.S.dollars) in the first three months of this year, according to a statement on the company's website.
The company's operating revenues hit 1.74 billion yuan in the same period, up 137.46 percent from a year ago and accounting for 44.5 percent of Huarong's annual revenue target, it said.
Lai Xiaomin, president of the company, attributed Huarong's profit surge to the strong performance of its subsidiaries, as well as the company's effective risk management.
Founded in October 1999, Huarong is one of China's four state-owned asset management firms, in addition to Cinda, Great Wall and Orient.
Weekly review April 20 Beijing-Shanghai high-speed rail to remove luxury seats April 18 China undergoing shift into nation of consumers April 18 Zhejiang checks food, raids illegal bun makers April 19 SASS: Chinese students mentally healthier than Asian peers April 23 The week in pictures April 19 Build legal bulwark against moral decline April 21 'China model' 30 years on: from home to abroad April 21 Piano student's bloody crime heart-wrenching in China April 18 China places firmer lid on home prices April 19 China puts brake on economic bullet train