China’s Tobacco Monopoly Bigger by Profit Than HSBC

(Bloomberg) China National Tobacco Corp., the nation’s cigarette monopoly, may be larger by annual profit than HSBC Holdings Plc (HSBA) and Wal-Mart Stores Inc. (WMT), according to a rare release of the company’s financial data.
The state-owned tobacco company had net income of 117.7 billion yuan ($18.7 billion) in 2010 on sales of 770.4 billion yuan. Industrial Bank Co. released the figures in a statement late yesterday because China National Tobacco is buying a 5.2 billion yuan stake in the Shanghai-listed lender.
... Its 2010 figures would make China National Tobacco the world’s 18th largest company by profit, one spot ahead of American International Group and just behind JPMorgan Chase & Co., according to data compiled by Bloomberg. Continued