BEIJING, Aug 8 (Reuters) - China's $653 billion sovereign wealth fund, China Investment Corp. (CIC), posted on Friday an 11.8 percent jump in profits for 2013.
Created in 2007 to earn higher returns for China's $4 trillion foreign exchange reserves, CIC said it was becoming harder to find investment targets given global economic uncertainty.
For 2013, CIC said its net profits reached $86.9 billion compared with $77.7 billion the year before. It previously put its 2012 net profit at $77.4 billion, and did not explain the discrepancy at a briefing to unveil the figures.
Returns on its overseas investment in 2013 fell to 9.3 percent from 10.6 percent in 2012.
CIC, whose previous high-profile investments included taking a 10 percent stake in UK's Heathrow Airport Holdings for 450 million pounds ($756.5 million), has not announced any deals of note in the past year as it underwent a leadership reshuffle.
Its chairman, Ding Xuedong, was appointed in July last year after his predecessor, Lou Jiwei, was named the Finance Minister. Vice Chairman Li Keping was appointed in February after the incumbent Gao Xiqing retired. (1 US dollar = 0.5949 British pound)
(Reporting by Koh Gui Qing; Writing by Ben Blanchard; Editing by Simon Cameron-Moore)