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State Grid sees RMB 53.3 bln in gross profit in 2011

Jan. 6, 2012 (China Knowledge) - State Grid Corp of China, the nation's largest power supplier, said yesterday that its gross profit rose 18% year on year to RMB 53.3 billion in 2011.

The company's operating revenue increased 11.6% year on year to RMB 1.68 trillion last year, said Liu Zhenya, General Manager of the company, at a meeting.

Liu noted that the company's fixed-asset investment grew 13.5% year on year to RMB 330.3 billion in 2011, including RMB 301.9 billion investment in power grid construction.

State Grid sold 3,092.5 terawatt hours of electricity in the year, 13.7% more than that in 2010.

For 2012, the company aims to increase its gross profit by 16% year on year to RMB 62 billion, with operating revenue rising 15.9% to RMB 1.94 trillion.

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