HNA Group achieves revenue of $19.28b in 2012, inks deal with Bank of China
HNA Group, the parent company of Hainan Airlines, generated revenue of more than 120 billion yuan ($19.28 billion) in 2012, Chen Feng, the company's chairman said.
The total assets of the group reached 380 billion yuan at the end of 2012, an increase of 38,000 times within 20 years, Chen said.
HNA's asset-liability ratio in 2012 was 79 percent, following three years of consecutive declines, the company said.
"This year, the group will make greater efforts to reduce its asset-liability ratio by introducing strategic investors, promoting profits and realizing asset increments," Zhao Quan, CFO of the HNA Group said.
HNA signed a strategic cooperation framework agreement with Bank of China on Tuesday, entering a collaboration program worth 50 billion yuan.
Bank of China will provide comprehensive financial services, including commercial banking, investment banking and insurance services in cooperation with HNA over the next three years.
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