Domestic

China's CSGC aims high on new energy development

(Xinhua)
Updated: 2011-01-17 10:37

BEIJING - The China South Industries Group Corporation (CSGC), the nation's leading military industrial company, said on Saturday that it would make more efforts focused on new energy development during the next 5 years.

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The company also announced that its 2010 profits increased 37.5 percent year-on-year to 7.65 billion yuan ($1.16 billion). Sales revenues reached 253.3 billion yuan, up 37.1 percent from one year ago, the company said in a statement.

Li Shouwu, vice general manager of CSGC, said the company aimed to double its profits from the level of 2009 to more than 20 billion yuan by the end of 2015. Sales revenues would reach at least 380 billion yuan.

Also, the company would make more efforts to develop new energy automobiles and high-end manufacturing equipment in the next five years after it had created breakthroughs in manufacturing silicon solar cells and wind power generators, Li said.