Caixin
Nov 04, 2022 05:02 AM
BUSINESS

State Railway Operator Posts Record Loss on Covid Disruptions

What’s new: China’s state railway operator recorded nearly 100 billion yuan ($13.7 billion) in net losses in the first nine months this year as Covid resurgence and strict virus control measures disrupted travel.

China State Railway Group Co. Ltd. said revenue for the first three quarters declined 0.5% from a year earlier to 782.3 billion yuan. The net loss widened 36% year-on-year to a record 94.7 billion yuan, exceeding combined losses in 2020 and 2021.

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