Guangshen’s 1Q Slightly Missed on Higher Costs; Eyes On Forthcoming Passenger Tariff Reform.
Guangshen’s first-quarter net profit fell 13% to CNY 284 million, tracking 21% of our full-year forecast, and on the low end of our expectation. The shortfall was mainly attributable to higher costs, following its acquisition of Sanmao and Guangmeishan railways in October 2016, which outpaced revenue growth and cut gross margin to 10.4% from 12.8% a year ago. However, sequential performance indicates an improvement with net profit rebounding to CNY 284 million from CNY 69 million in fourth-quart...Guangshen Railway Company Limited is engaged in the provision of passenger and freight transportation on railroads. The Company also operates certain other businesses, which include services offered in railway stations, and sales of food, beverages and merchandises on board the trains and in the railway stations. Its segments include The Railway Transportation Business and All other segments. The railroad and related business is conducted by the Company (the Railway Transportation Business). Other segments include on-board catering services, leasing, sales of materials, sale of goods and other businesses related to railway transportation provided by the subsidiaries of the Company. The Company is engaged in the provision of integrated services in relation to railway facilities and technology, commercial trading and other industrial businesses. It also operates with other railway companies in the People's Republic of China (PRC) for the provision of freight transportation services.
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