BEIJING - 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 ($128.8 million) 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.
