China Railway sees double-digit boom in new orders

Business | Tracy Hu 10 Apr 2018

State-owned China Railway (0390) yesterday forecast double-digit growth for new orders in 2018.

President and executive director Zhang Zongyan also said he expects orders by real estate developers to further increase.

The value for new contracts last year reached 1.56 trillion yuan (HK$1.94 trillion), an increase of 26.1 percent year on year. The value from infrastructure construction business contracts rose by 21.8 percent to 1.35 trillion yuan.

Zhang said he is confident about new contracts arising from the country's new economic initiatives.

Last year, revenues from overseas business increased by 47.5 percent year on year to 41.6 billion yuan.

China Railway's capital expenditure will rise by 27 percent to 20 billion yuan in 2018. Capex will be mainly for public-private partnership projects and purchase of new facilities for infrastructure construction.

The company last week reported that its net profit in 2017 rose 28.4 percent to 16.07 billion yuan, helped by infrastructure business growth.

Revenues grew by 8.8 percent to 688.77 billion yuan.

A final dividend of 1.13 yuan for every 10 shares was proposed.

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