State-owned builder reports uptick in first-half earnings

State-owned rail builder and engineering company China Communications Construction Company saw an uptick in its net profit in the first half of 2017. The company also vowed to promote the transfer of equity interests in its subsidiary company, though it was not included in the pilot mixed-ownership reform scheme.

"We will promote the negotiated transfer of equity interests in our subsidiary Shanghai Zhenhua Heavy Industries Company Limited steadily, in order to further highlight the strengths of our main businesses," said Fu Junyuan, chief financial officer of China Communications Construction.

The company will advance the subsidiary's reform of its salary distribution system, profoundly implement classified assessment and differentiated distribution, actively explore the implementation schemes for employee stock ownership, stock option incentives and equity dividends, and promote mixed ownership pilot reform in business segments or subsidiaries where conditions are appropriate.