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BANKING TECHNOLOGY | Staff Reporter, China

GRGBanking's net income up by 6.61% to US$80.46m

But after deducting the non-operating gains and losses the profit only increased by 5.39% to US$77.6 million.

GRG Banking Equipment Co., Ltd. released its audited financial results for 2011 on March 28 in the company's annual report. The overseas revenue of 404 million RMB (US$64.11 million), increasing by 243.01% compared to 2010, contributed tremendously to the rapid growth of the company’s overall revenue.

The company reported its revenue of 2011 is 2.089 billion RMB (US$331.5 million), with an increase of 21.18% year on year, while its net income of 507 million RMB (US$80.46 million) increased by 6.61% and its EPS (Earning Per Share) of 1.14 RMB(US$0.18) rose by 6.54%. According to the report, the net income, after deducting the non-operating gains and losses, increased by 5.39% to 489 million RMB (US$77.6 million).

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