China has approved construction plans for a high-speed railway project worth 42.7 billion yuan ($6.7 billion), the country's top economic planner said in a statement on Monday.
The high-speed railway will run through central Henan province and eastern Anhui province.
Beijing has approved billions of dollars in infrastructure projects in recent months to stem a sharp economic slowdown. The government has been particularly keen to promote projects in the less-developed western part ..
China has approved plans for a 58.41 billion yuan (S$12.9 billion) high-speed rail project which will be used during the 2022 Winter Olympics in Beijing, a local government said on Monday (Nov 2).
The 174km-long railway, which will connect Beijing with the northern city of Zhangjiakou in Hebei province, will be constructed over a 4-1/2-year period and will be able to ferry 60 million people annually, according to the post on the Zhangjiakou Development and Reform Commission's website.
As a result of the above, the Group reported a Net Profit of RMB13.9 million in 3Q2015, an 845.3% increase from RMB1.5 million for 3Q2014. The Group’s cash and cash equivalents stood at RMB770.2 million as at September 30, 2015.
For the nine months ended September 30, 2015 (“9M2015”), the Group reported a 70.8% increase in Net Profit to RMB36.4 million, while revenue grew 15.6% to RMB1,107.1 million. This compares against a Net Profit of RMB21.3 million and revenue of RMB957.3 million for the corresponding financial period a year ago (“9M2014”).
MIDAS’ 3Q2015 NET PROFIT INCREASED TO RMB13.9 MILLION
- Revenue up 27.2% to RMB412.2 million, driven by higher contributions
from the Group’s Aluminium Alloy Extruded Products Division
- Actively exploring opportunities in the PRC and international markets
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