SHANGHAI :
CRRC Posts Drops in Operating Income and Net Profit
Xu Wei
DATE:  Aug 28 2017
/ SOURCE:  Yicai
CRRC Posts Drops in Operating Income and Net Profit CRRC Posts Drops in Operating Income and Net Profit

(Yicai Global) Aug. 28 -- CRRC Corp. [SHA:601766; HKG:1766] posted declines in both operating income and net profit in its semiannual report.

CRRC's operating income dropped 5.83 percent annually to USD13.2 billion (CNY88.72 billion) in the first half, and its net profit attributed to listed-company shareholders was CNY3.67 billion, a 23.41-percent decrease, per the report released Aug. 25.

The Beijing-based group's main businesses cover railway equipment, urban planning and infrastructure, industry, services and international business. The first half was "abnormally difficult," CRRC said.

The firm's operating income in mainland China fell 5.97 percent in the first half on a decline in delivery volume of the company's main products. In other countries and regions operating income went down 4.52 percent on reduced product delivery volume.

China's railway market is nearing its ceiling and growth is slow, CRRC said. The company said it will try to optimize its passenger train and cargo transportation operations.

CRRC said its products have been exported to 102 countries and regions.

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Keywords:   CRRC,SOEs,Railways