Chinese agency suffers losses abroad

June 2nd, 2012 - 2:43 pm ICT by IANS  

Beijing, June 2 (IANS) A third of the overseas arms of China’s State Development and Investment Corp (SIC) suffered losses totaling 59.4 million yuan ($9.32 million) in 2010, China Daily reported Saturday.

The National Audit Office (NAO) published the findings Friday after the investigation of 37 SDIC overseas operations.

The audit results showed the state-run company has seen sharp increases in capital and revenue but still remains plagued by the poor performance of some projects which led to the losses.

The NAO has instructed the company to consolidate its operations that are exposed to loss and high risk.

SDIC’s overseas businesses include project contracting, sugar production, automobile part production and international trade.

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