The Aviation Industry Corp. of China (AVIC) reported a net profit of CNY12.2 billion ($1.94 billion) in 2011, up 18.8% over a net income of CNY10.3 billion in 2010. Operating revenue increased 23% to CNY258.1 billion, according to AVIC GM Lin Zuoming.

Industry analysts said the “successful acquisitions of companies home and abroad” contributed to the improved results. In the past three years, AVIC has acquired 58 companies home and abroad, which increased operating revenue by CNY50 billion and boosted net income by CNY600 million in 2011.

AVIC said it is committed to pushing forward with overseas acquisitions in the future. “Our first goal is to target foreign aviation companies and to acquire relevant manufacturing enterprises, including automobile components manufacturing companies, [which is] our second goal,” Lin said.

Going forward, AVIC expects to boost operating revenue by 16.2% to CNY300 billion and increase net profit by 23% to CNY15 billion. AVIC may also launch an initial public offering on Shanghai Stock Exchange in the near future.