HONG KONG, Oct. 28 /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, 2009 (the "Period").
During the Period, under the PRC Accounting Standards, consolidated revenues from operation realized by the Group amounted to approximately RMB9,018 million, representing a year-on-year increase of approximately 3.75%. Net profit attributable to shareholders of the parent amounted to approximately RMB1,008 million (Corresponding period of 2008: RMB1,062 million). Earnings per share was RMB0.14 (Corresponding period of 2008: RMB0.15). Net profit of the Company for the third quarter increased by 6.35% year-on-year to RMB417 million.
Mr. He Yuhua, Chairman of the Company said, "Through adjusting the organization of transportation and strengthening sales and marketing efforts in its passenger and freight transportation services, the Company achieved stable production and operation, thereby resulting in a slight increase in revenues from operation for the first three quarters of 2009. Nevertheless, net profit of the Company witnessed a slight decline year-on-year due to the expansion of the Company's operating scale which led to an increase in operating costs."
During the Period, the Company continued to push ahead the preparatory work of its issuance of medium-term notes in the PRC. The issue of medium-term notes, with an issue size of RMB4 billion in aggregate and a term of 5 years, has been considered and approved at the 2008 annual general meeting of the Company. The Company expects that if the medium-term notes is issued successfully, it will enable the Company to reduce its interest expenses and finance costs.
Looking ahead, Mr. He said, "With the continuous recovery of China's macro-economy, coupled with the roll-out of large railway construction projects in China, the demand for railway passenger and freight transportation services will re-climb. Under the backdrop of a favorable environment, the Company will strive to develop its core business of railway transportation, continue its efforts in sales and marketing on both the passenger and freight transportation services, and stringently control costs and operating expenses, with a view to creating good operating results."
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 holds the sole operating rights of the Guangzhou-Shenzhen Railway, one of the most modern railways in the PRC. 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 below link for the Consolidated Statement of Profit prepared in accordance with the PRC Accounting Standards (unaudited):
http://www.prnasia.com/sa/attachment/2009/10/20091028965643.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. Edith Lui / Ms. Leona Zeng
Rikes Hill & Knowlton Limited
Tel: +852-2520-2201
Fax: +852-2520-2241
