BEIJING - Avic Heavy Machinery Co Ltd, a listed firm on the benchmark Shanghai Composite Index and an industry leader, on Saturday announced net profits of 153.3 million yuan ($24.86 million) in 2013, down 28.18 percent from the previous year.

The Beijing-based company attributed the decrease of profits to shrinking profitability amid a mixed global economic picture and slowdown of Chinese economy.

The company's business revenue rose 18.87 percent to 6.39 billion yuan in 2013, up 18.87 percent from 2012, according to its annual report.

The company is principally engaged in casting and forging, hydraulic and new energy businesses.

The stock price of the company edged down 0.55 percent to close at 12.68 yuan per share on Friday.

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