CRCC shares open higher on forecast of soaring profits in 2009

DATE:2011-11-10 AUTHOR: SOURCE:Xinhua

Shares of China Railway Construction Corporation (CRCC) Limited, a mega-size comprehensive building enterprise in China, opened at 8.53 yuan (1.25 U.S. dollars) per share Thursday, up 0.71 percent from a previous close.

The bonanza emerged after CRCC Thursday forecast a 50 percent rise in annual net profits last year.

In a statement filed to the Shanghai Stock Exchange, CRCC said its net profits for last year would tally around 3.64 billion yuan, and earnings per share would be about 0.32 yuan.

The rise in the corporation's profits last year was attributed to increased domestic infrastructure investments, plus a surge in its project contracting business.