Xi'an Aircraft Industrial Corporation
Xi'an Aircraft is a Chinese aircraft manufacturer and developer of large and medium-sized aeroplanes. It is based in Yanliang District, Xi'an, Shaanxi Province. The company has a partnership with the 603rd Aircraft Design Institute for Military Aircraft. XAC was established in 1958 and has over 20,000 employees.
Its key clients include the People's Liberation Army Naval Air Force and People's Liberation Army Air Force. XAC is a subsidiary of the China Aviation Industry Corporation I (AVIC I). Its subsidary and listed company is Xi'an Aircraft International Corporation.
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Xi'an Aircraft Int. profit surges on second-half sales
Xi'an Aircraft International Corp (XAC) this week reported a 313 percent increase in its 2008 earnings.
The company, which aims to produce China’s first homegrown large jet plane, announced profits of RMB389m (US$56.87 million) on sales of RBM9.36bn, up 332 percent despite the global downturn in civil aviation.
The global aircraft industry has been hit badly by the financial crisis, with XAC saying that it only achieved 41 percent of its civil aviation business targets.
However in the second half, sales picked up, leading analysts to speculate that the company won a large military contract.
China announced today that its military spending is to rise 14.9 percent to RMB480.7bn in 2009.
Early in 2008, XAC made a number of targeted acquisitions making it an integrated start-to-finish aircraft manufacturer.
