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China Railway First Quarter Profit Soars 150%

May 2008.


China Railway Group Limited, the largest integrated construction group in China and Asia in terms of total contracting revenue, has announced its unaudited results for the first quarter of 2008 ending 31 March.

The group's first quarter revenue was CNY34.9 billion (US$4.99 billion), increasing 7.7 per cent year on year from CNY32.4 billion in the same period in 2007. Operating profit soars 111.9 per cent to CNY674 million from CNY318 million a year ago. Net profit soars 150.4 per cent to CNY631 million, up from CNY252 million in the first quarter last year.

China Railway said because its construction business is subject to seasonal factors, revenue for the later half of year is usually higher than in the early half, when there is traditional Chinese New Year holiday, snow storm, cold and damp weather.

Construction is the major contributor to China Railway's revenue. From January to March, revenue from this sector took up over 90 per cent of the group's total revenue.

During this period, substantial growth was seen in the signed contract amount, operating revenue and operating profit from the construction sector, further strengthening the group's status as
China's largest railway construction contractor and leading position in highway, bridge, tunnel and other civil engineering.

Since the beginning of 2008, China Railway has undertaken a number of important projects including the Beijing-Shanghai Express Railway and the Foshan Shunde Expressway network in
Guangdong province.

The group also set its foot on the overseas market by signing a contract with expressway operator in
Morocco to build an east-westwards expressway, reports Hong Kong Shipping Gazette.



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