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China's Ministry of Railways posts RMB 6.98-bln loss for Q1

May. 3, 2012 (China Knowledge) - China's Ministry of Railways, or MOR, yesterday announced that it suffered RMB 6.98 billion in net loss in the first quarter of this year, after earnings RMB 31 million in after-tax profit last year.

In a statement filed with the Shanghai Clearing House, MOR said its debt/asset ratio was 60.62% as of Mar. 31, 2012, slightly declined from 60.63% at the end of last year. At the end of 2010, the ministry's debt/asset ratio was 57.44%.

As of Mar. 31, 2012, the Ministry of Railways had RMB 4.01 trillion in total assets, whereas it had RMB 3.98 trillion at the end of last year, representing an increase of 0.7%. Total liabilities were RMB 2.43 trillion as of Mar. 31, 2012, 0.7% more than RMB 2.41 trillion at the end of 2011.

China's Ministry of Railways, the nation's biggest issuer of corporate debt, attracted negative media after a crush accident occurred in Wenzhou, Zhejiang Province last July.

MOR has reduced budget on infrastructural construction for 2012 to RMB 406 billion, lower than RMB 560.17 billion the ministry spent last year.

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