March 9th, 2012
06:44 AM GMT
Share this on:

Hong Kong (CNN) - China’s state-owned cigarette monopoly, the China National Tobacco Corporation, may have a larger annual net profit than HSBC and Walmart, according to a report released this week by the Industrial Bank Co Ltd.

A rare glimpse into the tobacco-giant’s finances revealed a net income of 117.7 billion yuan (US$18.7 billion) in 2010 on sales of 770.4 billion yuan.

According to Bloomberg, HSBC reported $16.8 billion of profit for its most recent fiscal year while Wal-Mart reported a net income of $15.7 billion. The 2011 figures of China National Tobacco Corp. were not given.

Posted by: ,
Filed under: BusinessChina

About Business 360

CNN International's business anchors and correspondents get to grips with the issues affecting world business, and they want your questions and feedback.

Powered by VIP