Xinxing Cathay International eyes operating revenue of RMB 270 billion by 2015

Beijing-based Chinese state-owned company Xinxing Cathay International Group, which is a major producer of ductile cast iron pipes, has stated that it expects to achieve an annual operating revenue of RMB 270 billion ($42.7 billion) and an annual net profit of RMB 10 billion ($1.58 billlion) by 2015.
 
In 2011, the group achieved an annual operating revenue of RMB 147.611 billion ($23.36 billion) and an annual net profit of RMB 2.861 billion ($453 million), increasing by 19.3 times and 8.3 times respectively compared to 10 years before. Meanwhile, in the first half of the current year, the annual operating revenue and net profit of the group respectively increased by 22.13 percent and 19.5 percent year on year.
 
The main products of the group include ductile cast iron pipes, pipe fittings, steel gratings, steel and engineering machinery, as well as other products including textiles, garments, leather, rubber goods and others.