A train runs through Huangjing Township of Taicang, east China's Jiangsu Province, Jan. 19, 2021.Photo:Xinhua

China's state railway operator said it handled 1.95 billion tons of goods in the first half of 2022, a year-on-year increase of 5.5 percent, in its ramped-up efforts to ensure smooth logistics amid epidemic flare-ups in multiple localities.

The national giant also completed and put into operation 2,043.5 kilometers of new railway lines, including 995.9 kilometers of high-speed railway (HSR), according to a financial disclosure that China State Railway Group released on Wednesday.

China's HSR railway network is the world's longest. As of the end of 2021, the total operating length of HSR exceeded 40,000 kilometers.

During the period, the group completed national railway fixed-asset investment of 285.3 billion yuan ($41.36 billion). It also said it is steadily pushing forward railway-related projects under a list of 102 key megaprojects as part of a broad infrastructure buildup to shore up economic growth. 

Positive progress has been made for key projects including the Sichuan-Xizang railway and the Dali-Ruili railway, the operator said. 

The company reported operating income of 485.7 billion yuan, a year-on-year decrease of 27.1 billion yuan, and a net loss of 80.4 billion yuan. 

Due to cost-saving measures, the loss in the second quarter narrowed by 11.8 billion yuan from the first quarter to 34.3 billion yuan.

Epidemic outbreaks were the main reason for the losses, as they mauled passenger travel and other operations, according to the statement.

In the first half of the year, passenger service revenues stood at 96.5 billion yuan, a year-on-year decrease of 38.3 percent.

At the end of the second quarter, the debt ratio was 66.81 percent, an increase of 0.48 percentage points over the end of last year along with increased liabilities, due to heavy fixed-asset investment by the company.

The railway operator said the company's debt risks are stable and controllable, as its passenger and freight transportation as well as diversified operations now generate stable cash flow, demonstrating resilient debt repayment ability.

Global Times