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China Railway Group wins RMB 33.15-bln contracts

Mar. 15, 2012 (China Knowledge) - China Railway Group Ltd<601390><0390>, the country's leading railway and highway builder, announced that it recently won the bids or contracts for eight major projects worth a total of RMB 33.15 billion.

The company said in a statement filed with the Shanghai Stock Exchange that the contract value is equivalent to 7.01% of its operating revenue in 2010.

The company has won the bid for the Shenzhen Metro Line 11 project with a contract value of RMB 25.55 billion.

China Overseas Engineering Group Co, a subsidiary of China Railway Group, has signed agreement worth US$213 million with the government of Papua New Guinea for the upgrading and maintenance of two highways in the country.

In the first three quarters of last year, the company signed RMB 357.7 billion of new contracts. It booked a net profit of RMB 3.63 billion in the period, 33.15% less than in the corresponding period of 2010.

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