September 2 -- China CIFCO Investment (000996), a company which mainly provides logistics and automobile services, recorded a 303.79 percent year-on-year increase in first half 2011 net profit to 15.26 million yuan, with earnings per share of 0.0663 yuan, reports Securities Daily, citing a company filing. Revenue declined 0.4 percent year-on-year to 34.53 million yuan.

The company attributed the net profit growth in the first half to the sale of some of its property assets in the first half, and an increase in investment returns.

Securities representative, Tian Hongli, said CIFCO Investment is still trying to get China International Futures (CIFCO) injected into the company, and to further restructure the company to increase its focus on the futures business.

Although the company was named as the top futures stock in China, the actual situation does not reflect that, according to industry insiders.

CIFCO Investment is now gradually reducing its spending on its logistics and trucking businesses, and the profit contribution of its futures business is increasing.

According to the filing, the purpose of the property sales was to invest in its futures business. The company will spin off its automobile services business gradually.

The company's first attempt to restructure its assets through the injection of CIFCO failed, according to a previous filing on August 6.

According to a senior manager from CIFCO, its futures margin totals six billion yuan at present, and first half 2011 net profit hit 50 million yuan.

The company has won approval to boost its registered capital to 800 million yuan, and plans to further boost registered capital to 1.2 billion yuan in the future, of which CIFCO Investment will invest 270 million yuan.
 

Source:capitalvue