Apr. 18, 2012 (China Knowledge) - China State Construction International Holding<3311
>, a wholly-owned subsidiary of China State Construction Engineering Corp<601668
>, reaped HK$3.22 billion in operating revenue in the first quarter of 2012, reflecting a year-on-year increase of 22%.
In a statement, Hong Kong-listed
China State Construction International said its operating profit for the first quarter increased 23.47% from HK$418 million to HK$517 million.
During the period from January to March, the company signed HK$7.88 billion worth of contracts, increasing 19.2% from a year earlier or accounting for 23.9% of the annual target of HK$33 billion.
The building contractor had around HK$81.31 billion of contracts as of Mar. 31, 2012, of which HK$52.49 billion of contracts have yet been completed.
China State Construction International has also completed acquiring stakes in Far East Global Group Ltd<0830>, bringing its shareholdings to 74.1% with nearly 1.6 billion shares in the target firm, sources reported.