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China Railway targets RMB 10-bln capital expenditure for 2012

Apr. 17, 2012 (China Knowledge) - China Railway Group Ltd<601390><0390>, the country's leading railway and highway builder, has allocated a capital expenditure of around RMB 10 billion for this year, less than over RMB 12 billion the company spent in 2011.

Less mechanical equipment will be purchased in 2012 due to declining toll charges of expressways, said the Shanghai and Hong Kong-listed company.

Vice president and Chief Financial Officer Li Jiansheng said China Railway aims to earn RMB 431 billion in operating revenue this year, less than RMB 442.2 billion it realized last year.

Of the total estimated revenue for 2012, RMB 83.2% would be derived from infrastructure construction, 3.6% from property development, a combined 8.9% from financial investment and mineral exploitation, and a combined 2.4% from production of engineering facilities and components, Li added.

Li also noted China Railway will issue between US$500 million and US$1 billion of US-denominated bonds in Hong Kong in the second half of this year for mineral development. No offshore RMB-denominated bonds would be issued.

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