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China South Locomotive expects 50% profit growth for 2011

Jan. 5, 2012 (China Knowledge) - CSR Co Ltd<601766><1766>, formerly known as China South Locomotive & Rolling Stock Corp Ltd and the country's largest manufacturer of rail vehicles, today projected that its net profit attributable to shareholders for 2011 would surge more than 50% from a year earlier.

In a statement, the Shanghai and Hong Kong-listed firm said the forecast of profit growth was principally boosted by reducing costs and the increase in operating revenue in core business.

In 2010, the company's net profit attributable to shareholders amounted to RMB 2.53 billion, and its net profit for 2011 might have reached nearly RMB 3.8 billion, said analysts, adding that earnings per share stood at RMB 0.21 in 2010.

CSR has received approval from China's Ministry of Finance to raise RMB 2 billion, said the person familiar with the matter, adding that the company is preparing for the fundraising via a private placement or rights issue.

CNR Corp<601299>, another leading Chinese train manufacturer, is also considering to raise RMB 2 billion, sources reported.

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