China UnionPay Operating Revenue Up 12.5 Times

China UnionPay Operating Revenue Up 12.5 Times
Chinese payment service provider China UnionPay has remained a low-key attitude towards financial status since it was established in March 2002, but according to an internal final financial report submitted to the Ministry of Finance (MoF), it has embraced an annual net profit growth of about 100 percent for three consecutive years.
The report was filed with the MoF in November 2009, so it included some forecasts for the company's 2009 performance. In detail, its total assets reached CNY 9.2 billion, up 5.4 times from CNY 1.7 billion in March 2002. Operating revenue exceeded CNY 3 billion, up 12.5 times from CNY 240 million in 2002. Net profit was CNY 420 million, compared to negative CNY 37 million eight years ago. They are conservative predictions and industry experts believe that its 2009 net profit would have exceeded CNY 420 million.