China Huarong Asset Management realizes RMB 509 mln net profit

China Huarong Asset Management Corp, one of the nation's four state-owned asset management companies, booked a profit of RMB 509 million last year, the company said in Tuesday's statement without giving the figure for the previous year.

Revenue in the same period stood at RMB 1.48 billion. It plans to diversify its interests to non-banking businesses with great potential and high returns this year, such as financial leasing, brokerage and trust investment, according to the statement.

Rongde Asset Management, its venture with Deutsche Bank AG, reaped a net profit of RMB 6.51 million in 2007. The Germany lender owns a 40% stake in the venture.

Reports earlier last month said Huarong is considering going public, citing its company president as saying.

Huarong, set up in 1999, together with another three assets management firms were formed by the Chinese government to handle up to RMB 1.4 trillion non-performing assets of China's Big Four state-owned commercial banks.