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China South Locomotive reports 85% net profit surge in Q1

(Xinhua)
Updated: 2010-04-24 11:09
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BEIJING - China South Locomotive & Rolling Stock Corporation Limited (CSR), the country's biggest maker of rail vehicles, reported Friday a huge net profit surge in the first quarter this year.

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Its net profit jumped 84.55 percent year on year to 355 million yuan ($52 million) in the first three months. Earnings per share stood at 0.03 yuan, up 84.55 percent from a year earlier, the company said in a statement filed to the Shanghai Stock Exchange.

Revenue climbed 68.77 percent year on year to 5.07 billion yuan, according to the statement.

CSR said its surge in profits was helped by the nation's massive investment in the railway sector.

The company's stock rose 0.19 percent to close at 5.22 yuan per share Friday.
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