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Net profit of Hafei Aviation falls in 2009

(Xinhua)
Updated: 2010-04-12 16:18
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Hafei Aviation Industry Company Ltd said Sunday its net profit declined by 18.41 percent in 2009 from 2008 on falling revenues and increasing operating cost.

Special Coverage:
2009 Annual Reports of Listed Companies

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The company, primarily engaged in development, manufacture and sale of aerospace products, saw its net profit down to 80.43 million?yuan ($11.79 million) in 2009, partly due to a 5.45 percent fall in revenues, said the company in a statement filed with the Shanghai Stock Exchange.

The declining profit and revenues mainly stemmed from delays in products deliveries and a 21.5 percent rise in managing expenditures, according to the statement.

The company said it would step up efforts to enhance its innovative capabilities, develop international subcontracting, strictly practice cost control, improve products quality and expand markets in 2010.
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