Photo: An employee carries out maintenance work on a railway line in Chongqing. (Photo/Xinhua)
BEIJING, Sept. 1 (Xinhua) -- China State Railway Group Co., Ltd. (China Railway) announced on Monday its revenue totaled 403.9 billion yuan in the first half of 2020, with a year-on-year decrease of 124.2 billion yuan due to the COVID-19 epidemic.
According to China Railway, its net loss was 95.5 billion yuan in the first half of this year, of which the net profit loss in the second quarter was 34.2 billion yuan, with a loss reduction of 27.2 billion yuan from the first quarter.
According to an official with China Railway, the main reason for the decrease in revenue and net profit loss is the impact of the novel coronavirus epidemic on railway as a service industry. In the first half of this year, passenger transportation revenue decreased by 52.7 percent from the same period last year. In addition, the group's non-transportation revenue from hotels, tourism, and catering also saw a year-on-year decrease of 13.3 billion yuan and the freight revenue decreased 3.7 billion yuan.
By raising funds through various methods such as issuing bonds, bank loans, and continuously reducing financing costs, China Railway will keep a reasonable debt structure, he added. (Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)
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