Guangshen Railway Announces 2009 Annual Results and 2010 First Quarterly Results
2009 Net Profit Rises 11.76% to RMB1, 365 million
HONG KONG, April 22 /PRNewswire-Asia/ -- Guangshen Railway Company Limited ("Guangshen Railway" or the "Company") (HKEx Share Code: 525; SSE Share Code: 601333; American Depositary Shares ("ADS") Ticker Symbol: GSH) today announced the audited operating results for the year ended December 31, 2009 (the "Year") and the unaudited operating results for the first quarter ended March 31, 2010 of the Company and its subsidiaries (the "Group").
In 2009, under International Financial Reporting Standards (IFRS), operating revenues of the Company amounted to RMB12,386 million, representing an increase of 5.96% over the previous year. Profit attributable to equity holders amounted to RMB1,365 million, representing an increase of 11.76% over the previous year. The board of directors of the Company recommended the payment of a final cash dividend of RMB0.08 per share for 2009 (2008: RMB0.08 per share).
In the first quarter of 2010, under PRC Accounting Standards, operating revenues of the Company amounted to RMB3,024 million, representing an increase of 5.28% over the corresponding period of 2009. Net profit attributable to equity holders of the Company was RMB283 million, an increase of 3.14% year- on-year.
Mr. He Yuhua, Chairman of the Company said, "In 2009, the Company faced severe circumstances in its operation and management due to the global financial crisis, the A/H1N1 flu and industrial restructuring in the Pearl River Delta that had continued to exert relatively significant impact on the transportation businesses of the Company. Faced with difficulties and pressure, the Company overcame the effects of various negative factors through continuously strengthening marketing, integrating and optimising transportation resources, and actively controlling related costs and expenses. The Company achieved safety and stability in its transportation and production, steady increases in transportation revenues and a growth in profitability."
During the Year, passenger delivery volume of the Company was 81,838,200. Revenue from passenger transportation rose 6.46% year-on-year to RMB7,196 million. Of such amount, the passenger delivery volumes of Guangzhou-Shenzhen trains, long-distance trains and Hong Kong Through Trains amounted to 33,494,400, 45,544,900 and 2,799,000 respectively, representing an year-on- year increase of 4.40%, a decrease of 6.34% and a decrease of 10.16% respectively, and realising revenues of RMB2,047 million, RMB4,771 million and RMB378 million respectively.
Both passenger delivery volume and revenue of Guangzhou-Shenzhen trains increased, mainly because the Guangzhou-Shenzhen inter-city express trains began to implement a stop-at-all-stations operating model since May, thereby boosting passenger volume. In addition, the Company has launched Finance IC cards and Fastpass cards since February 2009 at stations along the Guangzhou- Shenzhen line and brought more convenience to passengers.
In respect of long-distance trains, due to a decrease in the number of migrant workers travelling by train, the spread of A/H1N1 flu and the cold currents at the end of the Year, the passenger delivery volume of long- distance trains dispatched within the Company's territory decreased overall. However, the passenger delivery and arrival volumes of long-distance trains undertaken by the Company recorded slight increases because the Company took effective operational measures, and the operation of Beijing-Kowloon Through Trains has been handed over to the Company since January 1, 2009. In addition, the absence of extreme weather such as snow storms in the first quarter of 2009 in contrast to 2008 also caused the substantial growth in revenues from long distance trains.
In respect of Hong Kong Through Trains, the year-on-year decreases in passenger delivery volume and revenues were mainly attributable to the global financial crisis, A/H1N1 flu, and the increased frequency of Guangzhou- Shenzhen trains which had diverted a portion of Hong Kong Through Train passengers.
During the Year, tonnage of freight transported by the Company amounted to 61,987,100 tonnes (2008: 70,141,100 tonnes). Revenues from freight transportation reached RMB1,210 million (2008: RMB1,325 million). The Company's tonnage of freight and revenues from freight transportation registered year-on-year decreases mainly because the Company's freight transportation businesses were substantially affected by the global financial crisis and a slowdown of economic development in the Pearl River Delta region.
Looking forward to the Company's development in 2010, Mr. He said, "In 2010, given an improvement of the global economy, a recovery of the economy in the Company's service regions, the upcoming Guangzhou Asian Games and the gradual establishment and operation of high-speed passenger railway networks, the Company will actively develop new income bases in the passenger and freight transportation businesses, diligently coordinate the transportation organization and strictly control costs and expenses, with a view to ensuring the achievement of this year's operating goals."
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 Guangshen 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. As at December 31, 2009, the Company operated 218 pairs of passenger trains in accordance with its daily train schedules, including 100 pairs of Guangzhou- Shenzhen trains, 105 pairs of long-distance trains, and 13 pairs of Guangzhou- Hong Kong through-trains.
For the Condensed Consolidated Income Statement for 2009 (audited) and the Consolidated Statement of Profit for the First Quarter of 2010 (unaudited), please visit: http://www.prnasia.com/sa/attachment/2010/04/20100422273137.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. Christy Lai / Ms. Leona Zeng
Rikes Hill & Knowlton Limited
Tel: +852-2520-2201
Fax: +852-2520-2241
RESOURCE Guangshen Railway Company Limited
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