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Beijing-Shanghai high speed railway’s profit dived 86% in Q1 amid lockdown

04/30/2020| 5:12:30 PM|

The Beijing-based company reported that its operating income fell 35.8%.

Beijing-Shanghai High Speed Railway, the firm that operates bullet train services between China’s capital and its biggest city, reported an 86 % plunge in first-quarter profit as the coronavirus lockdown kept passengers at bay.

Net profit stood at RMB 324 million (USD 45.8 million) in the three months ended March 31, the Beijing-based company said in an earnings report released today. Operating income fell 35.8 % to RMB 5.1 billion (USD 720.8 million), and operating costs fell 4 % to RMB 4.8 billion.

The company said passenger traffic is picking up as the pandemic eases. But compared with the same period last year, net profit from the start of the year to the end of the next reporting period may decline significantly, it added, without providing a specific forecast.

For last year, operating revenue rose 5.7 % to RMB 32.9 billion (USD 4.6 billion), while net profit rose 16.5 % to RMB 11.9 billion, it reported earlier.

Shares of the company, which listed in Shanghai in January, gained 5.3% today to close at RMB 6.35 (90 US cents). They are still 23% down from a high of RMB 8.22 in February.

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TAGS: high speed railway | lockdown
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