CRCC's new contracts surge 40pc

Business | Stella Zhai 23 Oct 2019

China Railway Constructions (1186) posted the value of its newly-signed contracts for the quarter ended September, which surged 40.3 percent from a year ago to 396.5 billion yuan (HK$439.2 billion).

The value of newly-signed contracts for the first nine months this year meanwhile grew 25.07 percent year-on-year to 1.12 trillion yuan, it said.

In terms of business segments, new contracts for real estate developments in the quarter ended September 30 rose 25 percent to 21.1 billion yuan and went up 5.26 percent year-on-year to 61 billion yuan for the first three quarters. The contracts' value generated from construction operations during the first nine months this year also grew 30.3 percent over a year ago to 951.8 billion yuan.

Shares of the company slid 2.47 percent to HK$8.69 on Tuesday.

Meanwhile, Sany Heavy (0631), a mining machinery and equipment manufacturing company, said its net profit for the first nine months spiked 54.5 percent from a year ago to 789.6 million yuan.

Revenue rose 29.2 percent to 4.36 billion yuan, and gross profit rose 43.5 percent year-on-year to 1.33 billion yuan. The increase was primarily attributable to its rising investment in research and development, and the fact that it launched numerous new products in the market, bringing new profit growth.

Stocks of Sany Heavy dropped 2.89 percent to HK$3.69.

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