Bloomberg reported that Citic Pacific Ltd, an arm of China biggest state owned investment company, 2010 profit gained 50%, beating analysts’ estimates as its specialty steel business grew and it sold stakes in non core assets.

The Hong Kong listed company said net income was HKD 8.92 billion or HKD 2.44 a share compared with HKD 5.95 billion or HKD 1.63 a share, a year ago. That beat the HKD 6.74 billion mean estimate of seven analysts compiled by Bloomberg.

According to the statement Mr Chang Zhenming Chairman sold assets including a cargo handler and a power supplier to focus on iron ore, steel and property after the company was bailed out for losses incurred on currency bets in 2008. Profit from its two specialty steel units climbed 49% to HKD 2.1 billion.

The statement said the company aims to reach annual steel production capacity of 9 million metric tons, including steel bars, specialty plates and seamless steel tubes this year.

(Sourced from Bloomberg)