CNR reports 55 pct rise in profits

China CNR Corporation Ltd., the country's second-biggest train maker, said Wednesday that its net profits surged 55.16 percent year-on-year in 2011.

Earnings rose to 2.99 billion yuan (474.6 million U.S. dollars), or 0.36 yuan per share, in 2011, from 1.92 billion yuan, or 0.23 yuan per share, in 2010, CNR said in a statement filed to the Shanghai Stock Exchange.

Revenues jumped 38.91 percent to hit 89.35 billion yuan, as the fast expansion of the country's railway network boosted demand for the company's products, according to the statement.

Sales of locomotives increased 23.78 percent to 18.47 billion yuan, while sales of bullet trains more than doubled last year to reach 23.95 billion yuan.

CNR's shares slid 1.44 percent to close at 4.1 yuan on Wednesday.