AVIC Aircraft expects 2012 earnings to double

This story is sourced from Pro
See more Pro news »

AVIC Aircraft is expecting its earnings for 2012 to more than double from the yuan (CNY) 107.9 million ($17.3 million) recorded a year ago.

This is the result of reorganisation in the company late last year, where it changed its name from Xian Aircraft International to AVIC Aircraft.

With the name change, the firm also issued 176.2 million shares to Shaanxi Aircraft Industry, AVIC Aircraft Landing Gear, Xian Aviation Brake Technology and Xian Aircraft Industry, for the purchase of their aviation-related business assets. This transaction increased the firm's total number of shares from 2.5 billion to 2.7 billion.

AVIC Aircraft is an airframer that manufactures aircraft parts and ground equipment.