Author: admin   Add date: 05/01/2009   Publishing date: 05/01/2009   Hits: 2

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Hong Kong (Dow Jones) - China Railway Group said Tuesday net income in 2008 from almost halved since the same period last year to 4.1 billion yuan (601 million U.S. dollars) of foreign exchange losses, it most of the proceeds from the initial public offering in Hong Kong to Australian dollars. Decline in profits, although nearly 27% of revenue growth, as the company benefited from increased government spending on infrastructure and other public works projects, according to a statement submitted to the Hong Kong Stock Exchange late Tuesday. China Railway (Hong Kong: 390: news, chart, file), China's largest builder of railways, roads, ports and other large-scale projects, listed on Hong Kong and Shanghai stock market in March last year. In the Hong Kong stock market, which is priced ¡ð 10.7 billion (1.38 U.S. dollars) in an initial public offering, rose 12 percent the first day of trading. Net earnings for 2008 totaled 1.35 billion yuan, or 0.063 yuan per share, compared to 2.49 billion yuan, or 0.186 yuan per share, a year earlier, the company said . This is below the average analysts expected profit of 1.63 billion yuan to a survey by Reuters. The company Tuesday said it would strive to raise 12 billion yuan in the medium-term debt through a public offering to help repay loans and to supplement its funding needs. China Railway shares edged up 1.7 percent to 5.27 U.S. dollars Hong Kong dollars in Hong Kong trading Tuesday. This lag a benchmark of our shares, the Chinese-funded Enterprises Index rose 3.7%. The company formerly known as China's railway sector soldiers, he said, there is no great loss from the Australian conversion, profit for the year increased by 549 million yuan more than doubled. Citigroup recommends that investors in a note Wednesday to avoid shares of China Railway, said the company's revenue growth may be slowing down year. Citigroup said that its target price on the share of 4.10 U.S. dollars for Hong Kong dollars, or about 21%, which is lower than the company's closing price in the previous session. Last year, the Mainland and China CITIC Group (Hong Kong: 267: news, chart, file) the disclosure of large foreign exchange losses, it said that an unauthorized transaction related to the Australian dollar. China's railway turnover of 225 billion yuan compared with 177.4 billion yuan a year in the proceeding. The company obtained a new construction project, valued at 428.5 billion yuan in the year, which accounted for 230.3 billion yuan railway projects. China Railway said that the signing is expected to be 390 billion yuan this year, new construction contracts.

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