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China Railway Group inks RMB 15 bln contracts

Jun. 15, 2012 (China Knowledge) – China Railway Group Ltd<601390><0390>, the country's leading railway and highway builder, announced yesterday that its subsidiary companies recently won five bids with a total contractual value of RMB 14.92 billion, accounting for 3.24% of its operation revenue in 2011.

China Railway Southwest Investment Co Ltd, a subsidiary of China Railway Group, signed up RMB 7.63 billion worth of contract with Kunming Rail Transit Co Ltd.

While China Railway Group's another subsidiary company, China Railway Tenth Group Co Ltd, obtained an iron ore mining contract with Venezuela based C.V.G. FERROMINERA O RINOCO C.A. and the contractual value amount to US$413.28 million or RMB 2.59 billion.

The railway and highway builder saw its operation revenue for the first quarter of this year decreased 19.11% YoY to RMB 78.57 billion. At the end of March this year, the company had RMB 1.09 trillion worth of contracts on hand and work-in-progress, sources reported.

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