HONG KONG, Oct. 27 /PRNewswire-Asia/ -- Guangshen Railway Company Limited ("Guangshen Railway" or the "Company")(HKEx Share Code: 525; SSE Share Code: 601333; ADS Ticket Symbol: GSH) today announced the unaudited operating results of the Company and its subsidiaries (the "Group") for the nine months ended September 30, 2010 (the "Period").
During the Period, under the PRC Accounting Standards, combined revenues from operation of the Group amounted to approximately RMB9,878 million, representing a year-on-year increase of approximately 9.54%. Net profit attributable to shareholders of the parent amounted to approximately RMB1,241 million, representing a year-on-year increase of approximately 23.16%. Basic earnings per share was RMB0.175 (Corresponding period of 2009: RMB0.14).
Mr. Xu Xiaoming, Chairman of the Company said, "In the first three quarters of 2010, owing to a significant recovery of China's macro-economy, a gradual release of freight transportation capacity on the Wuhan-Guangzhou section of Beijing-Guangzhou Railway, the opening of Shanghai Expo and a fare increase of Guangzhou-Shenzhen inter-city trains since 18 June 2010, the passenger and freight transportation businesses within the Company's service territory picked up steadily; and the Company's revenues from operation and net profits increased steadily."
During the Period, the Company's finance costs reduced owning to a decrease in interest expenses resulting from the replacement of bank borrowings with a higher interest rate by the Company's medium-term notes with a lower interest rate.
Looking ahead, Mr. Xu said, "The sound performance of China's macro-economy and the opening of the Guangzhou Asia Games will have positive impacts on the Company's passenger and freight transportation businesses. Faced with a favorable operating environment, the Company will capitalize on market opportunities, strive to develop its core business of railway transportation, actively develop new growth points on passenger and freight transportation businesses, and enhance measures on increasing revenues and controlling expenses, with a view to ensuring steady growth in operating results of the Company in the fourth quarter."
Guangshen Railway Company Limited was established in 1996. The H shares and ADS issued by the Company were listed on The Stock Exchange of Hong Kong Limited and the New York Stock Exchange respectively in May 1996. The Company is currently the only PRC railway enterprise with its shares listed overseas. In December 2006, the Company returned to the A share market and successfully listed its shares on the Shanghai Stock Exchange. The Company is mainly engaged in railway passenger and freight transportation businesses between Shenzhen, Guangzhou and Pingshi, long-distance passenger transportation services, and the Hong Kong Through Train passenger service in cooperation with MTR Corporation in Hong Kong.
Please visit the following link for the Combined Statement of Profit Prepared in accordance with the PRC Accounting Standards (unaudited): http://www.prnasia.com/sa/attachment/2010/10/20101027907212.pdf
For further information, please contact: Mr. Guo Xiangdong / Ms. Grace Deng Guangshen Railway Company Limited Tel: +86-755-2558-7920 / +86-755-2558-8146 Fax: +86-755-2559-1480 Ms. Leona Zeng / Ms. Christy Lai Rikes Hill & Knowlton Limited Tel: +852-2520-2201 Fax: +852-2520-2241
SOURCE Guangshen Railway Company Limited