Date
17 August 2017

China Railway Corp to reveal significant 2013 loss, paper says

China Railway Corp. (CRC) is preparing to submit its 2013 preliminary financial report that will reveal a significant loss based on data from its local bureaus, the 21st Century Business Herald reported Tuesday, citing an unnamed person close to the company. The company, which recorded a 1.73 billion yuan (US$286.29 million) loss for the first three quarters last year, could however show a break-even in the final report if the government offers an off-balance sheet subsidy, as per the usual practice, according to the source. A major cause of the railway firm’s losses is due the joint ventures between its local bureaus and high-speed railway operators, the report said.

– Contact HKEJ [email protected]

TL/AC/RC

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