CITIC 1616 Group rose 0.6% materials revenue steadily increase and the global acquisition

Citic 1616, a subsidiary of Citic Pacific (00267-HK), edged a small 0.55% to HK $1.84 this morning, closing 10,000 shares and dragging back earnings growth from a slowdown last year. The company's chief financial officer, Chen Tianwei, said last year that the base was higher after a remarkable surge in market demand from last year's Beijing Olympics and the Sichuan earthquake, which is expected to slow in growth this year, with double-digit growth returning to normal levels.　　CITIC 1616 group revenue rose 67% to HK $2.49 billion, while net profit increased by 26% to HK $2008. Chen Tianwei also said Citic 1616 is interested in acquiring telecom service providers around the world and is currently negotiating with several companies in the US, Asia and Europe. The company plans to use its internal resources to fund acquisitions, which are now about HK $795 million. With ample cash, the company plans to keep the dividend rate at 50% per cent in the future.