Shanghai: Shen Tong MTR and cost benefits due to change in 2008 net profit rise 36 percent drop

addtimes:2017-11-16 hists:1569   

Shentong subway in 2008 by the transfer policy and the impact of the fare restrictions and other reasons, making the company's main revenue growth slow, resulting in a net profit decline. However, the company said it would continue to increase transport capacity in order to improve profitability.

Shentong subway on the evening of March 17 released the 2008 annual report. The report showed the company in 2008 to achieve a total revenue of 882.13 million yuan, an increase of 1.36%; the achievement of operating profit 98.14 million yuan, up 30.36 percent reduction; to achieve a net profit of 79.07 million yuan, up 35.66 percent reduction. Basic earnings per share was 0.17 yuan, up 34.62% reduction; fully diluted net assets yield 8.09 percent, 4.86 percent year-on-year reduction.
 
To alleviate the increasingly serious bottleneck in the transport capacity, the company increased in 2008 the number of car rental, and some have been completed in a timely manner "6 to 8" vehicles, makes an effective increase in transport capacity. The report showed the company in August 2008 Zhuzhou Locomotive car south 34 to buy cars Metro project has been completed 50% of the entire project is expected to end in May 2010. In addition, the company increased the number of car rental, so car rental fees in 2008 increased by 23.3808 million yuan. Data show that the company in 2008 subway 330 million passenger trips throughout the year, average daily volume of 902,500 passenger trips. At the same time, Subway Line to complete the technical and economic indicators in good condition. Among them, the train punctuality rate of 98.86%, operator plans to honor the rate of 99.65% for the operating mileage of 4,148,200 kilometers, up 11.9 percent, the actual number of trains will start at 218,800, an increase of 8.6 percent, continue to maintain a high operating quality. In addition, the company said that in view of the current subway passengers crowded the status quo, the company will take measures to speed up the vehicle on the 1st line of "6 to 8" of the process, by increasing the vehicles to improve transport capacity.

However, due to the municipal government to implement policy change, resulting in the company's main income is far less than the growth rate of passenger growth. Data show that the company in 2008 the average fare 2.66 million in 2007 compared to the average fare dropped by 0.23 million; in 2008 the company increased 30.45 million passenger trips, an increase of 10.2%, while the actual increase in 2008 ticket revenue 11.88 million yuan, an increase of only 1.36%. At the same time, a fare of social sensitivity, allows the company raised the possibility of very low fares, and even the future may need to be adjusted downward, there are certain operational risks.

At the same time, the company operating costs also affected by price changes. By the beginning of July 2008 the impact of electricity price increases, the company actually paid 08 annual electricity 113,228,900 yuan, up 16.6 percent.

In addition, the company to enjoy Shanghai's Pudong new district-funded enterprise income tax preferential policies, according to 15% enterprise income tax. However, according to the State Council, "the transition on the implementation of enterprise income tax preferential policies," which the company 08 years for the actual implementation rate of 18%. At the same time, the company MTR Ticket sales tax rate to 3% of income assessed, recharge card fees by 5% of assessed income.

At present, the company to Shanghai Metro Line One is the main business operation and management, rail transportation industry is the only one listed company. With the 2010 Shanghai World Expo will be held, as well as Shanghai's rail transportation network to further improve the layout, the MTR will be to further increase passenger traffic for the future development of the company to create a rare opportunity. According to the Shanghai subway construction program to 2012 will have 13 lines, more than 350 stations in operation, the basic network of cross-city rail line length of more than five hundred kilometers, when the Shanghai Rail Transit Center will be basically formed a 45-minute city Subway traffic circle, the center city residents an average of about 900 meters to reach a station, access to rail transportation system, an average of 25 minutes to reach the main places of the city center.

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