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China CNR inks RMB 1.16 bln contracts

Aug. 10, 2012 (China Knowledge) - China CNR Corp<601299>, one of China’s two leading train manufacturers, announced that it has acquired several major contracts worth a total of RMB 1.16 billion, accounting for 1.3% of its operating revenue in 2011.

In a statement, the train manufacturer said two of its subsidiaries, CNR Datong Electric Locomotive Co Ltd and Beijing 27th Railway Transportation Equipment Co Ltd inked RMB 434.7 million and RMB 217.28 million worth of contract with China Railway Investment Corp to provide 7200KW electric locomotives, respectively.

Meanwhile, Jinan Railway Vehicles Equipment Co Ltd and Qiqihar Railway Rolling Stock Co Ltd inked RMB 162 million and RMB 259.2 billion worth of sales contract with China Shenhua Energy Co Ltd<601088><1088>, the country's largest coal producer, to produce C80B model open boxcars, respectively.

China CNR's another subsidiary, Tangshan Railway Vehicle Co Ltd, inked an RMB 91 million worth contract with Siemens AG to export large component for Velaro Russia train.

In the first quarter of this year, China CNR realized RMB 18.4 billion in operation revenue, down 5.54% YoY, while its net profit for the period rose 8.22% from a year earlier to RMB 664 million.

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