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Rail firm's after-tax income sees massive slump
By Tao Yingcen |
July 20, 2011, Wednesday
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Online Edition
Online Edition
The after-tax income of China's Ministry of Railways slumped by nearly 100 percent from a year earlier to 15 million yuan (US$2.3 million) last year, The Beijing News reported today.
The country's railway authority reported a sustained revenue growth in the past three years, with the figure rising from 533.4 billion yuan in 2008 to 685.7 billion yuan in 2010.
Revenue from its passenger transport service accounted for 19.6 percent of its total income, according to the ministry's 2010 fiscal report.
However, after-tax income plunged 99.45 percent last year compared with the 2.74 billion yuan in 2009, the newspaper reported.
The Ministry said that soaring prices of raw materials, including diesel, steel and maintenance materials, are the main reasons for dragging down the revenue, the newspaper said.
Expensive tickets for the mushrooming high-speed rail services, plus safety concerns brought by repeated service breakdowns in the past weeks, have put the ministry under fire from the public.
Ticket prices for the newly opened Shanghai-Beijing high-speed railway range from 555 yuan to 1,750 yuan, higher than the 200 to 300-yuan overnight trains that were canceled after the new line opened on July 1.
The country's railway authority reported a sustained revenue growth in the past three years, with the figure rising from 533.4 billion yuan in 2008 to 685.7 billion yuan in 2010.
Revenue from its passenger transport service accounted for 19.6 percent of its total income, according to the ministry's 2010 fiscal report.
However, after-tax income plunged 99.45 percent last year compared with the 2.74 billion yuan in 2009, the newspaper reported.
The Ministry said that soaring prices of raw materials, including diesel, steel and maintenance materials, are the main reasons for dragging down the revenue, the newspaper said.
Expensive tickets for the mushrooming high-speed rail services, plus safety concerns brought by repeated service breakdowns in the past weeks, have put the ministry under fire from the public.
Ticket prices for the newly opened Shanghai-Beijing high-speed railway range from 555 yuan to 1,750 yuan, higher than the 200 to 300-yuan overnight trains that were canceled after the new line opened on July 1.
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