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China Railway Construction Gets Libyan Railway Contract

Posted on: Fri, 23 Jan 2009 06:04:00 EST

Symbols: CWYCF

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BEIJING, Jan 23, 2009 (SinoCast Daily Business Beat via COMTEX) --
CWYCF | Quote | Chart | News | PowerRating -- China Civil Engineering Construction Corporation (CCECC) affiliated to China Railway Construction Corporation (CRCC) has won a contract building railway lines in Libya valued about USD 805 million.

China Railway Construction Corporation Limited (SHSE: 601186 and SEHK: 1186), the listed arm of the leading Chinese railway contractor, reveals the news on January 22, 2009, saying that the contract value represents 3.09% of the company's 2007 operating revenues.

With a total length of 172 kilometers, the double-track railway extends from Tripoli, Libya's capital and largest port, to Ras Jedeir in the west. The construction period lasts 54 months.

Since China Railway Construction's gross margin of railway projects hit 9.52% in 2007, and 10.04% in the first half of 2008, the contract is expected to bring net profits of around USD 80 million to the company.

As China Railway Construction incurred great losses from currency exchange of Australian dollars last year, the proceeds from the contract will largely bolster up the company's performance.

Source: thebeijingnews.com (January 23, 2009)

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