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(Xinhua)
Updated: 2008-02-07 16:05

China's State-owned Sinochem Corporation, one of the world's top 500 companies, had profits of more than eight billion yuan (US$1.1 billion) in 2007, up 95 percent over the previous year, the firm said on its web site.

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The Beijing-headquartered company didn't elaborate on these figures. Preliminary estimates showed that revenue topped 200 billion yuan, up 19 percent. Total assets exceeded 100 billion yuan.

Sinochem, which began as a trading company in 1998, is involved in a range of businesses including agriculture, energy, chemicals, finance and real estate.

Sinochem International, one of its subsidiaries, said last month that it would buy part of the business of Monsanto Company, a US-based agricultural company.

Under the terms of the agreement, Sinochem will purchase the assets related to Monsanto's pesticide business and certain other assets in China's Taiwan Province and countries including the Philippines, Thailand, Vietnam, India, Pakistan and Bangladesh.