Chinese new railway firm reports losses

Chinese new railway firm reports losses: CHINA Railway Corp, the new national railway operator that has taken over the business operations of the defunct Ministry of Railways, posted losses in the first quarter with its debt to asset ratio up slightly to 62.31%.

At the end of March, the company’s total liabilities stood at CNY 2.84 trillion (USD 461 billion) from CNY 2.79 trillion at the end of 2012, according to an audit report posted on ChinaMoney. The company’s total assets stood at CNY 4.56 trillion at the end of the first quarter.

The debt to asset ratio was slightly up from 62.23% at the end of last year and higher than 60.63% at the end of 2011.

According to the report, which did not cite a reason for the corporation’s net losses, during the first three months of this year, the state-owned giant posted negative profits after tax of CNY 6.88 billion while taking out local and foreign loans valued at CNY 100.9 billion.

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Source : Xinhua

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