Fujian Expressway's profit shrinks 11.76% in Jan-Sep

Oct. 28, 2009 (China Knowledge) - Fujian Expressway Development Co Ltd<600033> said that its profit for the first three quarters of this year was RMB 571 million, down 11.76% year on year, and that its operating revenue decreased 7.68% year on year, hitting RMB 1.51 billion, sources reported.

In the third quarter, the expressway firm's operating revenue increased 3.22% quarter on quarter, reaching RMB 507 million, and its earnings per share were RMB 0.129, up 1% quarter on quarter. Gross margin remained over 80%.

The Shanghai-listed company intends to complete an expressway expansion project in Fujian Province in 2011. The project will cost a total of RMB 9.04 billion. The firm had injected RMB 1.4 billion into the expansion project as of Sep. 30. 

Another expansion project, one relating to the Quanzhou-Xiamen Expressway, will be completed in 2010 and will cost a total of RMB 6.6 billion. It had received RMB 2.37 billion in funds as of Sep. 30.

Reportedly, Fujian Province invested a total of RMB 17.8 billion in expressway development in the first three quarters of this year, 73.58% more than in the corresponding period of last year.