(Yicai Global) April 29 -- Beijing-Shanghai High Speed Railway, the firm that operates bullet train services between China’s capital and its biggest city, reported an 86 percent plunge in first-quarter profit as the coronavirus lockdown kept passengers at bay.

Net profit stood at CNY324 million (USD45.8 million) in the three months ended March 31, the Beijing-based company said in an earnings report released today. Operating income fell 35.8 percent to CNY5.1 billion (USD720.8 million), and operating costs fell 4 percent to CNY4.8 billion.

The company said passenger traffic is picking up as the pandemic eases. But compared with the same period last year, net profit from the start of the year to the end of the next reporting period may decline significantly, it added, without providing a specific forecast.

For last year, operating revenue rose 5.7 percent to CNY32.9 billion (USD4.6 billion), while net profit rose 16.5 percent to CNY11.9 billion, it reported earlier.

Shares of the company [SHA: 601816], which listed in Shanghai in January, gained 5.3 percent today to close at CNY6.35 (90 US cents). They are still 23 percent down from a high of CNY8.22 in February.

Editor: Peter Thomas