Mar. 18, 2010 (China Knowledge) - Fujian Expressway Development Co Ltd<600033>, an expressway firm based in Fujian Province, predicts that it will reap RMB 1.84 billion in operating revenue this year, 8.27% less than in 2009, in part because of two ongoing reconstruction projects, according to a statement released by the Shanghai-listed firm.

Fuzhou-Quanzhou Expressway, one of the two expressways under reconstruction, earned RMB 1.16 billion in operating revenue in 2009, 9.66% less than in 2008. Quanzhou-Xiamen Expressway, the other expressway under construction, saw its operating revenue decrease 5.34% year on year to RMB 667 million.

However, Luoyuan-Ningde Expressway saw its revenue climb 3.11% year on year to RMB 181 million.

In December 2009, the firm raised RMB 2.2 billion by issuing new shares. The proceeds from the issuance have were injected into the reconstruction of Quanzhou-Xiamen Expressway. This year, the company will invest RMB 1.65 billion to complete the project.

In addition, the enterprise will spend RMB 2.5 billion to put Fuzhou-Quanzhou Expressway into operation in the middle of 2011.

Yesterday, Fujian Expressway Development announced that its operating revenue fell 7.22% year on year to RMB 2.01 billion and that its net profit was RMB 660 million, down 15.39% year on year. Earnings per share were RMB 0.45.