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China South Locomotive's profit for Q1 up 13.31%

Apr. 26, 2012 (China Knowledge) - China South Locomotive & Rolling Stock Co Ltd<601766><1766>, or CSR, the country's largest manufacturer of rail vehicles, posted RMB 1.07 billion-net profit attributable to shareholders for the first quarter of this year, reflecting a year-on-year decline of 13.31%.

In a statement, the Shanghai and Hong Kong-listed firm said its earnings per share were RMB 0.09. Operating revenue reached RMB 19.2 billion in the first quarter of 2012, compared with RMB 20.19 billion the firm realized in the same period of 2011.

As of Mar. 31, 2012, the company had RMB 9.85 billion in total assets, whereas it had RMB 9.28 billion at the end of last year, reflecting an increase of 6.13%.

CSR has secured a RMB 1.36 billion worth of order from MTR Corp<0066> to produce several 350-kilometer locomotives, the first one of which would be delivered in 2013 and start trial operation in 2015 in Hong Kong.

This was the first high-speed rail vehicle order a mainland company acquired from Hong Kong, said a person familiar with the matter.

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