China’s state railway operator recorded over 80 bn yuan net loss in first half, railway passenger trips tumbled over 40% on year
COMPANY NEWS DATA
China’s state railway operator recorded over 80 bn yuan net loss in first half, railway passenger trips tumbled over 40% on year
COMPANY NEWS DATA

China’s state railway operator recorded over 80 bn yuan net loss in first half, railway passenger trips tumbled over 40% on year

 

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China State Railway Group, the country’s state railway operator, reported its first-half revenue declined 5.3% from a year earlier to 485.7 billion yuan, and its net loss reached 80.4 billion yuan, expanding by 58.5% from a loss of 50.7 billion yuan for the same period last year. In breakdown, the company booked a net loss of 46.1 billion yuan in the first quarter of the year and 34.3 billion yuan in the second quarter.

After the Covid-19 pandemic started in early 2020, the company reported a net loss of 55.5 billion yuan in 2020 and a net loss of 49.8 billion yuan in 2021.

The railway operators transported 787 million passenger trips in the first half of 2022, slumping 42.8% from a year earlier. For comparison, China’s railway passenger trips reached 3.6 billion in the whole of 2019 before the Covid epidemic.

During the summer vacation period in July 1 – August 31, railway passenger trips reached 440 million, equivalent to 60% of pre-pandemic level, it said.

The company handled 1.95 billion tonnes of cargos in the first half of 2022, an increase of 5.5% from a year earlier.

The companies completed and put into operation 2,043.5 kilometers of new railway lines, including 995.9 kilometers of high-speed railway, it said. During the period, the group completed national railway fixed-asset investment of 285.3 billion yuan, falling 4.6% from a year earlier.