CRRC’s overseas orders more than double

TIN news:   Rolling stock manufacturing conglomerate CRRC has announced that its overseas orders in the first half of 2016 totalled 14·88bn yuan, a 126% increase on the same period last, despite ‘unprecedented challenges’ from a slow recovery in the world economy and downward pressure within China.
Overseas sales contributed to a 2·04% year-on-year increase in CRRC's net profits to 4·8bn yuan. Revenue was up 1·04% to 94·21bn.
Major contracts in the first half this year included a deal to supply 846 metro cars for Chicago, which CRRC said was a record order from a developed market. The group also won contracts to supply 56 diesel locomotives to Kenya, 96 metro cars to Bangkok and 76 metro cars for Delhi.
Looking forward, CRRC said it foresees a positive trend in the rail equipment sector, and it aimed to ‘explore more markets, reduce costs, improve efficiency and support innovation’ in the second half of the year.

CRRC held a topping out ceremony at the $95m CRRC USA assembly plant in East Springfield, Massachusetts, on August 25. Construction of the plant which will employ 150 people is expected to be completed by autumn 2017. The first of 284 metro cars to be supplied to Boston’s MBTA under a $566m contract awarded in October 2014 is scheduled to be delivered in March 2018.