China largest railway builder gets more project orders

DATE:2009-03-13 AUTHOR:Xiong Tong SOURCE:Xinhua

BEIJING, March 13 (Xinhua) -- China Railway Construction Corporation (CRCC) said on Thursday that its subsidiaries had won new domestic railway construction contracts worth 28.12 billion yuan (4.14 billion U.S. dollars), Friday's China Daily reported.

CRCC said its subsidiaries won bid to construct four railways in the Guangxi Zhuang Autonomous Region, and Zhejiang and Gansu provinces, the newspaper said.

A month earlier, the company won a railway contract worth 1.77 billion U.S. dollars in Saudi Arabia.

The global financial crisis may affect the company's overseas market, said Huo Jingui, vice secretary of the company committee of the Communist Party of China.

"CRCC and its major rival China Railway Group Limited, among other construction contractors, will benefit most from the stimulus plan, as the railway construction constitute a great part in the plan," analyst with Guotai Jun’an Securities Han Qicheng was quoted by the newspaper as saying.

CRCC was the builder of the Shanghai maglev rail lines. Its operating revenue in the first three quarters of last year totaled 135.33 billion yuan.

The full year earning is yet to be released.

Its shares opened 0.7 percent higher on Friday morning to 9.37 yuan in the Shanghai market.