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China Railway Construction H1 net profit up 22%

(Agencies)
Updated: 2008-08-26 18:23

China Railway Construction Corp (CRCC) said first half net profit rose 22.11 percent year-on-year to 1.52 billion yuan ($221.77 million) under Chinese accounting standards due to strong orders, particularly from overseas.

In its interim report filed with the Shanghai Stock Exchange, the company said it signed a total of 1,175 new contracts during the half worth 137.62 billion yuan, up 117 percent year-on-year and equivalent to 55 percent of its full-year target.

New contracts from overseas were worth 25.37 billion yuan, up 151.86 percent year-on-year, the company said.

Operating revenue in the first six months rose 12.11 percent year-on-year to 82.24 billion yuan.

Operating revenue from construction operations rose 11.05 percent to 76.78 billion yuan, with the gross profit margin up 0.38 percentage point from a year earlier.

Revenue from surveying, design and consultancy operations rose 14.37 percent to 1.89 billion yuan.

Earnings per share stood at 0.14 yuan, against 0.16 yuan from a year earlier.

In March, the company listed on the Shanghai bourse after a 2.45 billion A-share offering, and then listed on the Hong Kong stock exchange after issuing 1.706 H-shares.

Under international accounting standards, the company booked operating revenue of 79.78 billion yuan, up from 70.94 billion a year earlier, while net profit increased to 1.52 billion yuan from 406.08 million.

The company said domestic infrastructure markets, particularly railways, will maintain their momentum and the international construction market retains huge growth potential.

It continues to expect profitable operations in survey and design, real estate development, manufacturing, and logistics and trade, with profit targets for the year likely to be met.

However, the company said sustained inflation and the government's policy tightening will pressure its construction operations.

The yuan's appreciation is also expected to result in foreign exchange losses from its overseas projects, the company said.

During the first half, losses from yuan appreciation totaled 456.1 million yuan.