CRG Reported 40% Net Earnings Growth on Margin Expansion and Lower Finance Costs
No-moat China Railway Group, or CRG, reported a better-than-expected first-half result, with net income rising at a stronger-than-anticipated level of 41% year on year to CNY 7.7 billion amid margin expansion from its core infrastructure operation, while the 11% year-on-year top-line increase to CNY 298 billion modestly exceeded our estimate. It appears that the company’s improving contract mix toward high-margin urban rail contracts is finally paying off, and the lower finance costs amid ongoin...China Railway Group is engaged in infrastructure construction, survey, design and consulting services, engineering equipment and component manufacturing and property development; Through its subsidiaries, Co. is also engaged in the provision of engineering consulting services; construction and survey supervision services; manufacture of bridge steel structures, railway specialized equipment and tunnel equipment; construction management; investment and management; financial trust management; and mining. Co. has 5 business segments: infrastructure construction; survey, design and consulting services; engineering equipment and component manufacturing; property development; and other businesses.
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