China Railway Construction Says Project Halt Won't Hit Earnings
China Railway Construction Corp. said its 2008 earnings and its future developments won't be affected by the halt of a Nigerian railway project.
China Railway, builder of more than half of the nation's railroads, is negotiating with relevant parties from Nigeria to discuss the project, it said without giving details.
The company's project reserves are ``sufficient'', and its other overseas projects are operating ``smoothly'', it said.
China Railway said on Nov. 3 that Nigeria suspended work on the Lagos-Kano project. Its stock plunged 18.5 percent the next day. It gained 9.8 percent to close at HK$8.77 in Hong Kong today.
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