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BANKING TECHNOLOGY | Staff Reporter, Singapore

GRGBanking's net profit rose to US$ 42.86m in H1 2011

Its overseas revenue also surged an amazing 591.9% to US$41.96m.

According to a release, GRG Banking Equipment released financial results for first half of 2011 on August 29 in the company's semi-annual report.

According to the report, overseas revenue of GRGBanking increases 591.90% year on year, to US$ 41.96 million (CNY 267,768,699.37). GRGBanking’s half-year profit rise to US$ 42.86 million (CNY 273,492,915.73), 6.82% increase compared to that of last year. Net profit attributable to shareholders grows 4.87% to US$ 36.17 Million (CNY 230,823,747.88) and EPS is US$ 0.08 (CNY 0.52), a surplus of 6.12% compared with the same period of 2010.

The overseas revenue of the company in first half of 2011 is mainly generated from two countries: Turkey and Iran. The company made a significant breakthrough in European last year by its subsidiary GRG HK wining the bid of US$35.49 million Ziraat Bank - Turkey’s biggest bank and one of the world’s largest bank based on assets. The other source of income is Iran customers. With the co-operation of Iran Argham Co., GRG HK is to supply around 1,500 ATM to the Iran market.

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