State Grid Corp of China profit grows 18%

The State Grid Corporation of China's profit increased 18 percent year-on-year in 2011 on stronger business revenues.

Profit before tax reached 53.3 billion yuan or 8.5 billion U.S. dollars in 2011, reports Xinhua News.

State Grid President Liu Zhenya noted that the company targets a 16 percent profit growth for 2012.

Business revenues increased 11.6 percent year-on-year to 1.7 trillion yuan in 2011, Liu added.

He said the company aims to make breakthroughs in smart grid construction and launch several ultra-high-voltage power transmission projects, which can deliver large quantities of power over long distances with lower power losses than traditional lines, in 2012.