China's Ministry of Railways has issued its financial results for the first half of this year, indicating a net loss of RMB 8.81 billion ($1.39 billion). Compared to the first quarter of this year, China's Ministry of Railways witnessed a 73.76 percent reduction in net loss in the second quarter. The ministry had recorded respective net profits of RMB 15 billion and RMB 31 billion in 2011 and 2010.
In the first half of this year, the Ministry of Railways achieved an operating revenue of RMB 26.1 billion ($4.12 billion), compared to RMB 68.1 billion in the whole year of 2011, while its net revenues excluding business tax and water infrastructure funds totaled RMB 447.6 billion ($70.6 billion) in the given period.
High non-operating expenses totaling RMB 2.613 billion ($412 million) impacted negatively on the net profit of the ministry in the first half.