|By ACN Newswire||
|February 25, 2014 07:22 PM EST||
Interim Gross Profit Increased by 49.2% to HK$73.4 Million
Hong Kong, Feb 26, 2014 - (ACN Newswire) - China City Railway Transportation Technology Holdings Company Limited ("China City Railway Technology" or the "Company" or "CCRTT" HK stock code: 01522) is pleased to announce today that it entered into a Memorandum of Understanding in relation to acquisition with Beijing Infrastructure Investment (Hong Kong) Limited (BII HK), and announced its results for the six months ended 30 December 2013 (the "Review Period").
China City Railway Transportation Technology Holdings about to Receive Asset Injection from Beijing Infrastructure Investment
BII HK is a wholly owned subsidiary of Beijing Infrastructure Investment Corporation Limited (Beijing Investment), a renowned state-owned enterprise in China. Created by Beijing SASAC, Beijing Investment engages in investment and financing, preliminary planning, capital operation and relevant resource management of infrastructure projects in Beijing. An influential wholly state-owned company in China, BII's total assets stand at approx. RMB 280.8 billion.
According to the Company's announcement, Beijing Investment proposed to subscribe the shares of China City Railway Transportation Technology Holdings by cash, with a lock-up commitment of two years in recognition of the Company's positive growth prospects.
The launch of close cooperation opens up new investment and development opportunities for the two parties in the interest of a mutually beneficial, win-win partnership. The deal also put CCRTT on a path of sustained financial improvement in preparation for future growth.
China City Railway Technology to Acquire Quality Assets
In the meantime, China City Railway Technology will acquire the civil communications assets of the 8 lines of Beijing metro. Pursuant to the announcement of the Company, the quality assets proposed to acquire include not only the fixed assets relevant to the civil communications transfer equipments of the metro lines, but also relevant equity interest and the equity interest in the civil communications transfer equipments of the airport line.
As a designer and provider of solutions for transportation system with a promising prospect in the area, China City Railway Technology can expand its business through the acquisition. The Group may include civil communications services in the metro and provide diversified directions for the development of the operating business of railway transportation system.
Thus, the business scope of the Company may be expanded, so will be the sources of revenue. It will also bring fund raising opportunities for the Company, optimise the cash flow and capital structure , and facilitate the sound development of CCRTT in the long run.
Sustained Fast Growth in Performance with Promising Prospects
China City Railway Technology is mainly engaged in the design, implementation and sale, and maintenance of application solutions for the networking and controlling systems of public transport and other businesses. Rapid business growth in recent years testifies to our sound business development strategies. For the six months ended 31 December 2013, the Group recorded approximately 9.5% growth in its operating revenue to approximately HK$148 million. The gross profit surged by 49.2% to HK$73.40 million.
Looking into the future, Beijing plans to finish the construction of the urban metro transportation network as long as 324km by the end of 2015, and it is expected to build 15 lines with capital amounting to approximately RMB162 billion to be invested. As one of the major providers of the metro transportation in Beijing, the Company will be a beneficiary.
In the coming year, the Company will continue to enhance its expertise and technological strengths to develop new products, with an aim at continuous product diversification and standardisation. It will also continue its research and develop new system solutions, so as to enhance the market position of the Company and share the future revenue growth with its shareholders.
About China City Railway Transportation Technology Holdings Company Limited
China City Railway Transportation Technology provides highly efficient and accurate application solutions to PRC urban railway transportation system and Hong Kong public transportation system. The company has transferred its listing from the GEM to the Main Board on December 5, 2013(Stock code: 01522.HK). For more information, please refer to the website of company at: http://www.ccrtt.com.hk/index.php
Copyright 2014 ACN Newswire. All rights reserved.
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