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Midas results confirm its turnaround

Vincent Chia
Midas results confirm its turnaround

Midas Holdings Limited announced its 1Q results. 1Q revenue was up 47% year-on-year to RMB 296.9million while 1Q PATMI was a turnaround from a loss of RMB 4.9million to a profit of RMB 11.5million. The results were due to the vibrancy of the China rail transport industry. This part of the business accounted for 79% of revenue in 1Q. Going forward, Midas expects more growth in the China rail transport industry. This is due in part to the recent announcement of rail transport investment increase from RMB 630billion to RMB 800billion for 2014. The construction of more railway lines will yield more high speed train orders.

GET TO THE POINT : Nothing like seeing the results to confirm what the contract wins suggest, that Midas is on track to ride on the wave of investment in the China rail industry. This should give it a good year ahead.

(Picture from Midas Holdings Limited)

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