Interim profit of China Railway (0390) grew 46% YoY -------------------------------------------------------------- China Railway reported its interim results for the six months ended 30 June 2013. During 1H13, turnover rose 25.2% YoY to RMB238.9bn. Gross margin narrowed 0.4ppt YoY to 7%, as some projects in preliminary construction stages had lower gross margin. Net profit climbed 46% YoY to RMB3.49bn, as administrative expenses increased 5.8% YoY only. In 1H13, the group obtained new contracts of RMB367.6bn, up 26.6% YoY. According to Bloomberg’s consensus, China Railway is expected to record a net profit of RMB8.2bn for 2013. The counter last traded at an estimated PER of 8.1X. Michael TAM, CFA.
Posted on: Mon, 02 Sep 2013 07:15:01 +0000
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