China's top train maker sees overseas orders soar in first half

Model trains on display at the stand of CRRC during an exhibition in Kunming city, Southwest China′s Yunnan province, June 12,?2016. [Photo/IC]

BEIJING - CRRC Corp Ltd, China's largest rail transportation equipment maker, saw its overseas orders more than double in the first half (H1) of 2016 despite the lackluster world economy, latest company data showed.

Newly signed overseas orders amounted to 14.88 billion yuan ($2.24 billion) in H1, an increase of 126 percent year on year, according to a CRRC filing with the Shanghai Stock Exchange on Tuesday.

The CRRC said a contract it won in March to build 846 metro cars for Chicago was a metro vehicle export to developed countries record for China.

In H1, the company also accepted an order for 56 diesel locomotives from Kenya, another order for 96 metro vehicles from Thailand and 76 metro cars for Delhi, India.

The overseas market expansion contributed to a 2.04 percent year-on-year increase in the CRRC's net profits, which reached 4.8 billion yuan in the period.

The company's revenue rose 1.04 percent from a year earlier to 94.21 billion yuan in H1.

CRRC said its operation faced "unprecedented challenges" in H1, as demand was affected by a slow recovery in the world economy and downward pressure in China.

Despite short-term fluctuations, the company foresees a positive trend for rail transportation equipment.

It vowed to explore more markets, reduce costs, improve efficiency and support innovation in the second half.