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China Railway reports higher quarterly profits

China Railway Group Ltd. said its first-quarter net profit rose to 3.20 billion yuan from the prior-year period's 2.62 billion yuan.

The Chinese construction company's EPS for the quarter also rose to 13.1 fen from 10.7 fen recorded in the same period the year before.

Revenue for the first quarter rose to 147.57 billion yuan, from the 133.99 billion yuan posted a year ago.

Cost of sales also rose to 134.31 billion yuan from the prior-year quarter's 122.05 billion yuan.

The company's administrative expenses came in at 6.01 billion yuan, rising from 5.42 billion yuan recorded in the comparable period. Its finance expenses also rose to 1.20 billion yuan, up from the prior-year period's 1.19 billion yuan.

Income tax expenses grew to 1.14 billion yuan, rising from 983.8 million yuan reported in the same period last year.

As of May 14, US$1 was equivalent to 6.34 yuan.