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Firm behind Three Gorges Dam reports surging overseas deals

Xinhua, August 31, 2015 Adjust font size:

Chinese construction giant China Gezhouba Group Co. Ltd., which built the Three Gorges Dam, on Monday announced that the value of its signed overseas contracts in the first half (H1) of 2015 had more than doubled from the same period last year.

Gezhouba inked deals worth 144.7 billion yuan (22.6 bln U.S. dollars) during the January-June period, it said, adding that overseas projects, worth 65.9 billion yuan, registered an yearly rise of 134 percent.

This year's new contracts include a 1 billion dollar sewage plant project in Egypt, and a 4.5 billion dollar hydropower station project in Angola.

Thanks to its major domestic and foreign construction projects, the state-owned company reported H1 net profits of 1.26 billion yuan, up 8.12 percent from a year earlier.

Gezhouba projects annual revenue from its international business of 18 billion yuan, nearly 21 times more than in 2006, said deputy general manager Chen Xiaohua.

He added that thanks to the prioritizing of international business, Gezhouba currently had overseas contracts totaling 159.2 billion yuan in hand, 150 times more than in 2006. Endi