Daqin Railway 2010 Net Profit Up 46%

Net Profit

Daqin Railway (601006) said 2010 net profit increased 46 percent year-on-year to 10.41 billion yuan, with earnings per share of 0.7 yuan, reports Securities Times, citing a company filing.

Revenue increased 26 percent to 42.01 billion yuan.

The company transported 476 million tons of cargo in 2010, accounting for 15 percent of the 3.08 billion tons of national cargo transported by rail.

Coal transportation volume totaled 401 million tons last year, accounting for 26 percent of the 1.56 billion tons of coal transported by rail in China.

The Ministry of Railways had since December 2009 raised the price of cargo transport by 0.007 yuan per ton-kilometer. This increased the company’s revenues from cargo transport, passenger transport and other businesses by 6.21 billion yuan, 950 million yuan, and 1.43 billion yuan, respectively.

Daqin Railway is targeting to post 2011 revenue of 43.6 billion yuan.

The company plans to pay cash dividends of 3.5 yuan (pre-tax) for every 10 shares held.

By Tracy Wagner