BEIJING -- China Spacesat Co Ltd, the nation's key developer of small satellites, Saturday reported 15.2-percent profit increase in the first half, due to steady business expansion.

The net profits totaled 113.9 million yuan ($17.8 million) in the first six months, according to its semi-annual report released on the website of the Shanghai Stock Exchange.

The sales revenues of the company reached 1.78 billion yuan in the January-June period, up 19.34 percent year-on-year.

Earnings per share were lifted by 0.01 yuan to 0.12 yuan from the same period last year.

The company said its stable growth was realized due to the nation's booming space industry, as China vowed to step up its technology-intensive emerging industries in the 2011-15 period.

In the first half, the company successfully launched a small satellite, and supplied aerospace navigation products for China's first manual space docking mission in June.

Buoyed by the company's booming business expansion, its assets value increased 19.76 percent to reach 5.52 billion yuan, compared with the end of 2011.

Founded in 1997, China Spacesat is a listed company held by the State-owned China Aerospace Science and Technology Corporation.