Companies

CRCC sees huge losses on rail project

(Agencies)
Updated: 2010-10-26 16:20

China Railway Construction Corp said on Monday that it expected to post a loss of about 4.15 billion yuan ($623.3 million) from a Saudi Arabian rail project, Reuters reported.

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The company's A1-Mashaaer Al-Mugadassah metro light rail project in Saudi Arabia is expected to incur losses as the cost exceeded the estimated figures at the time of signing of the contract, it said in a statement.

The project is scheduled to start operation on Nov 13.