GUANGZHOU, China — GRG Banking Equipment Co. Ltd. reported a 156.9 percent increase in net income in 2007, according to the company's first annual report since its initial public offering in August. GRG also reported an annual revenue increase of 94 percent.
Over the last year, GRG has signed ATM deals with Bank of China, Agricultural Bank of China, Postal Saving Bank of China, China Construction Bank and Bank of Communications. Another 45 banks have become GRG customers, advancing GRG's share of the Chinese market from No. 3 in 2006 to No. 2 in 2007, the company said.
Internationally, GRG has seen a 95 percent increase in contracts from 2006 to 2007.
"GRG had a great year in 2007," said Mark Yip, GRG's managing director. "GRG's outstanding performance reflects its success in driving continual improvements."
