China Resources and Transportation Group posts $2.05b net profit in FY2024

This was primarily driven by a $2.43b gain on debt restructuring.

China Resources and Transportation Group reported a net profit of $2.05b for the fiscal year ended 31 March 2024, a turnaround from the net loss of $1.51b in the previous year.

The growth was primarily driven by a $2.43b gain on debt restructuring. This offset impairment losses on concession intangible assets and property, plant, and equipment, as well as finance and administrative costs incurred in the previous year.

Meanwhile, the group's revenue declined by 19.31% to $593.15m during the same period, primarily due to a consolidation of reportable segments.

Previously, the group recognised income from expressway operations and other businesses, including timber and agriculture. However, for the current fiscal year, revenue is solely derived from expressway operations.