CSR Corp. Wins Contracts with Pakistan, Turkmenistan

Shanghai-listed railway equipment manufacturer CSR Corp. Ltd. won bids for contracts in Pakistan and Turkmenistan on February 4.

CSR’s subsidiary in Ziyang, Sichuan Province, will make 50 locomotives for Pakistan. CSR expects to deliver the first 10 by the end of the year and the rest by the end of May 2014.

Turkmenistan ordered 154 passenger cars and they will be delivered this year. CSR’s wholly owned subsidiary in Nanjing will make the cars.

CSR did not say how much the contracts were worth. However, a CSR source said the usual price for 50 locomotives was about 600 million yuan, and that for 154 cars was 400 million yuan.

Last month, CSR’s subsidiary in Qingdao, Shandong Province, won a 3.43 billion yuan contract to make electric train units for Argentina. It was the largest South American contract by value for a Chinese railway equipment manufacturer.

CSR is in talks with several international clients for other contracts, the source at the company said. This year its overseas sales are expected to surpass those of 2012.

CSR’s revenue in the first half of last year was 42.4 billion yuan, up 5.8 percent compared to the same period in 2011, its financial report shows. Its revenue from overseas over that period was 4.8 billion yuan, rising 95.58 percent. The company’s overseas revenue over the first six months of 2012 accounted for 11.33 percent of its total revenue, the first time the figure reached double-digits.

CSR-Sifang

Source : Caixin Online

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