CRC net loss down 98 percent in first 3 quarters of the year

China Railway Corporation (CRC) achieved a revenue of 773.957 billion yuan ($111.38 billion) in the first three quarters of 2018, an increase of 6.76 percent over the same period last year, according to its financial report.

Meantime, the report also showed that CRC’s after-tax profit loss was 27 million yuan, a sharp narrowing of 97.63 percent compared with the same period last year. CRC did not disclose reasons for the significant reduction in the net loss.

The company’s total liabilities reached 5.28 trillion yuan, an increase of 9.3 percent over the same period last year, and the debt ratio reached 65.19 percent by Tuesday.

In the first three months of this year, the CRC achieved a revenue of 179 billion yuan, up 5.7 percent year-on-year. Passenger transportation income stood out as the biggest contributor.

The company invested about 92 billion yuan in fixed-asset investment in Q1, about 12.6 percent of its annual investing target.

CRC’s net profits in 2017 neared a five-year high while its debt growth slowed.

The CRC achieved about one trillion yuan in revenue last year, up 11.9 percent year- onyear, while its net profit stood at about 1.8 billion yuan, up 69 percent year-on- year.

The company also saw slower debt growth last year. An additional debt of 272 billion was registered.

Global Times – Xinhua