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China's MOR suffers RMB 8.81 bln loss in H1

Sep. 3, 2012 (China Knowledge) - China's Ministry of Railway (MOR) has announced that it booked an after-tax loss of RMB 8.81 billion in the first half of this year, due to higher operating costs.

The ministry's net profit was RMB 31 million in 2011 and RMB 15 in 2010.

The MOR raised a total of RMB 310.8 billion through bank loans and bond issue, after raising RMB 967.4 billion in 2011 and RMB 105.9 billion in 2010.

At the end of June, the ministry's total assets had reached RMB 4.13 trillion, and debt/asset ratio had hit 61.08%, 0.45 percentage points higher than at the end of last year.

In the first six months, the country's railway system saw its passenger volume climb 3.1% YoY to 911.86 million.

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