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China CNR expects 2011 profit to surge 50%

Jan. 6, 2012 (China Knowledge) - China CNR Corp<601299>, one of the country's two leading train manufacturers, said yesterday that it expected its net profit to grow more than 50% in 2011.

The company said in a statement that the robust growth in net profit was a result of a significant increase in core business revenue amid a rapid development in China's railway sector and urban rail system.

In 2010, the company's net profit was RMB 1.91 billion, and basic earnings per share were RMB 0.23.

In the first three quarters of last year, China CNR booked a net profit of RMB 2.19 billion.

Bigger rival CSR Co Ltd<601766><1766> earlier projected that its net profit attributable to shareholders for 2011 would surge more than 50% from a year earlier.

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