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China Merchants Group's profit falls 29% in 2008

By Tong Hao (chinadaily.com.cn)
Updated: 2009-02-19 19:14

China Merchants Group, a industrial and trading conglomerate, said on Thursday it had posted a profit of 13.92 billion yuan ($2.04 billion) in 2008, a 29 percent decrease year-on-year, the first slump in seven years, as a result of the economic downturn.

The group said challenges will be tougher in 2009 and it will focus on cost control and risk management this year to limit the downward trend.

As one of the 10 biggest enterprises in terms of profit, it had total assets worth 217.19 billion yuan in 2007.