COFCO Corporation’s Total Profit for the First Half of 2017 up 112% Year-on-Year
Release Time : 2017-08-02
In the first half of 2017, COFCO Corporation sped up the reform of state-owned capital investment company by shedding non-essential assets, improving quality, enhancing efficiency, reducing costs, lowering working capital for receivables and inventory and controlling risk. As a result, both its revenues and returns achieved growth that exceeded that of the same period, its historic high, and its budget. From January to June, 2017, COFCO Corporation achieved revenue of 216.12 billion Yuan with year-on-year increase of 7% and total profit of 5.51 billion Yuan with year-on-year increase of 112%. Besides being successfully ranked as an A-level enterprise last year, COFCO Corporation has further leveraged its economies of scale and attained high-quality, efficient and sustainable growth that beat social expectations and laid a solid foundation for achieving its full-year targets. In the second half of 2017, COFCO Corporation will focus on raising development quality and efficiency, continue to highlight the leading role of reform, deepen internal reform, shed non-essential assets, improve quality and enhance efficiency, uphold and consolidate the CPC leadership, fully strengthen corporate governance, and strive to increase management standards and profitability so as to ensure that full-year budget goals can be achieved. Only by making fresh and greater contribution to the national grain security and food safety strategy can COFCO Corporation be able to pave the way for the 19th National Party Congress with outstanding achievements.