China’s NORINCO Posts $64.4 Billion Revenue, $1.7 Billion Profits In 2014

North Industries Group Corporation (NORINCO group), China's largest arms manufacturer reported 400.2 billion Yuan (US$64.4 billion) in revenue in 2014 and has achieved good performance in international cooperation, the company announced at its annual work conference Friday.

NORINCO produces tanks, infantry vehicles, air defense and anti-missiles and long range suppression weapon system. NORINCO showcased multitask military UAV equipped with a charge-coupled device camera, infrared laser, electo-optical equipment, targeting sensors and illumination for semi-active laser-guided bombs during the tenth ZHUHAI Airshow in November last year.

A state media report said, "as an important military industry group of Chinese weaponry and equipment as well as high-tech defense products, the NORINCO Group recorded 10.86 billion yuan (US$1.7 billion) profit and 7.26 billion yuan (US$1.16 billion) in added economic value and maintained its cost and expense rate at 97.73 percent in 2014."

Yin Jiaxu, chairman of the NORINCO Group, said that the NORINCO Group made a breakthrough in transformation from the traditional manufacturing industry into the strategic emerging industry.

As to the plan of 2015, Yin said that the NORINCO Group will continue to promote the perfection management strategy in its whole value chain and strive to build an advanced ordnance industrial system with Chinese characteristics.