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BANKING TECHNOLOGY | Staff Reporter, China

GRGBanking's total profit up 13% to US$94m in 2011

Its revenue also rose 21% to US$331.59m.

According to a release, GRG Banking Equipment Co., Ltd. released annual financial result on Feb 24, 2012. The company will officially released annual report in March 29 and the annual financial result is for reference only.

According to the report, the company's 2011 revenue was 2,089 million RMB (US$331.59 million), increasing 21.18% year-on-year; sales profit rose 10.81% to more than 502.9 million RMB. Total profit witnessed 13.12% increase, reaching the amount of 594.5 million RMB (US$94.36million). Compared with the same period of 2010, GRGBanking net profit attributable to shareholders grew 6.54% to 506.1 million RMB (US$80.35 million).

ATM business was still the key of GRGBanking. ATM can provide high-end financial service to customers of the banks and save cost for the banks, which was regarded as the strategic focus in 2011. The ATM business operated well in some big cities of China.

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