Midas wins RMB71.9 million worth of contracts from CNR Changchun
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Midas Holdings Limited today announced that its subsidiary, Jilin Midas Aluminium Industries Co., Ltd ("Jilin Midas") has won RMB71.9 million in orders from CNR Changchun Railway Vehicles Co., Ltd ("CNR Changchun").
The first contract, worth approximately RMB47.2 million, will see Jilin Midas supply aluminium alloy extrusion profiles for 38 train sets (1 train set = 6 train cars), or 228 train cars, for the Shenzhen Metro Lines 2 and 5 projects. This contract is slated for delivery between 2014 and 2015.
The second contract is worth RMB24.7 million and is for the supply of aluminium alloy extrusion profiles for 24 train sets (1 train set = 6 train cars), or 144 train cars, for Wuhan Metro Line 4. This contract is slated for delivery in 2014.
Commenting on the contract wins, Mr Patrick Chew, CEO of Midas, said, "We are encouraged that our long-term relationships with key PRC metro train players have continued to translate into opportunities for Midas. As a reputable and the leading supplier of aluminium alloy extrusion products for the PRC rail transportation sector, we are well-positioned to participate in the continued development of China's metro sector and remain optimistic of strong opportunities from this growing market."
The abovementioned contracts are expected to have a positive impact on the Group's financial performance for the 2014 and 2015 financial years.
