September 01, 2014

$US 870m first-half loss for China Railways Corporation

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CHINA Railways Corporation (CRC) has reported a loss of Yuan 5.36bn ($US 870m) after tax for the first half of this year, compared with a profit of Yuan 2.57bn in the first half of 2013.

According to financial reports posted on Chinabond.com.cn, the official website of China's bond market, CRC revenues declined 2.4% year-on-year to Yuan 478m. Total investment in fixed assets increased by 8.9% year-on-year to Yuan 235.2bn.

Liabilities increased from Yuan 3.27 trillion at the end of March to Yuan 3.43bn at the end of March to Yuan 3.43 trillion at the end of June. The total value of CRC's assets at the end of June was Yuan 5.33 trillion, giving a debt-to-equity ratio of 64.4 to 35.6.

Total investment in fixed assets increased by 8.9% year-on-year to Yuan 235.2bn yuan.

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