Daqin Railway's profit slumps 24.2% in 2024 amid lower coal shipments

China's state-owned rail-transport operator Daqin Railway Co., Ltd., operator of some of the country's largest railway routes focussed on commodity transport, announced a substantial 24.2% fall in its 2024 net profit, reaching Yuan 9.04 billion ($1.24 billion), according to the company's annual report issued late on April 29.

Revenue also took a hit, down 7.9% to Yuan 74.63 billion yuan, the report said. In the December quarter alone, the company's net profit slumped 46.7% on year to Yuan 436 million, making a significant contribution to the on-year decline. The decrease in profit was largely caused by declining freight volumes.