CNR annual net profit rises 16% on growing demand
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China CNR Corporation Ltd., one of China's major locomotive and rolling stock producers, said Tuesday its 2009 net profit rose 16.34 percent on the back of strong domestic demand and rapid expansion into overseas markets.
Net profits hit 1.32 billion yuan (192.54 million U.S. dollars) last year on revenue of 40.52 billion yuan, which was up 16.72 percent from 2008, said its annual report filed with the Shanghai Stock Exchange.
Earnings per share rose 21.05 percent to 0.23 yuan.
The booming profits were partly due to China's increasing investment on rail transit infrastructure, especially construction of high-speed railways, the report said.
The Beijing-based company also attributed its sound performance to business expansion in the global market. Revenue from overseas markets rose 16.18 percent year on year to 2.29 billion yuan in 2009.
The company's stock edged up 0.94 percent to 5.37 yuan per share Tuesday.
