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Debt rises for China rail operator as freight volume falls

Caixin reports that China Railway Corp, which runs the nation’s railroads, said it had debt of RMB 4.14tn as of the end of March, up 10.4% from the same period in 2015. The announcement appeared in a first quarter audit report written by a firm hired by the CRC. The CRC reported a net loss of RMB  8.73bn in the first quarter, up 35.1% year-on-year. Drops in rail freight were the biggest reason for the company’s losses. The amount of rail freight fell by about 10% in 2015 from a year earlier, the largest decline the country has ever seen. 

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