China CNR Corp. reports 45% rise in 2010 profits

China CNR Corp., the nation's second largest train maker, reported Friday that its net profits surged 45.12 percent year on year to 1.91 billion yuan (291 million U.S. dollars) in 2010.

Revenue hit 62.18 billion yuan, an increase of 53.48 percent year on year. The company's total value of assets increased 21.82 percent to 77.16 billion yuan by the end of December, according a statement filed with the Shanghai Stock Exchange.

The train maker attributed its profit growth to huge government investment in rail transportation facilities last year, especially the building of high-speed railways.

The company also tapped new revenue streams last year by exploring new businesses and opening up overseas markets, the statement noted.

The company said its earnings are likely to continue to grow over the next five years, as the government is expected to continue to expand the country's high-speed rail network, spurring demand for locomotives, rail cars and bullet trains.

Source: Xinhua

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