AVIC's 2009 profit rises 32% to 9.7 bn yuan

China Aviation Industry Corporation (AVIC), the country's state-owned aerospace conglomerate, posted a 32% increase in profit last year,

AVIC's profit rose 32% to 9.7 billion yuan ($1.4 billion) thanks to a 14% rise in revenue to 191 billion yuan, says the state-run Xinhua news agency, quoting from AVIC.

The aerospace conglomerate attributes the higher profit to increased sale of aircraft overseas such as a deal to produce 42 Chengdu FC-1 Xiaolong fighter aircraft for Pakistan.

AVIC has also had some success getting more sub-contracts from commercial aircraft manufactures such as Airbus and Boeing.

Source: Air Transport Intelligence news