Gem-Year Signs RMB 331 Million Railway Fastener Contract

Gem-Year Industrial announced that in regard to the bid of high-speed fasteners, it has signed a contract for fastener supply (purchase no. F01) worth RMB 331 million with GRCI.

The revenue of Gem-Year in 2012 was RMB 2.596 billion (-3.96% over the same period); net profit declined RMB 11.8075 million. The revenue resulted from the sale of high-speed fasteners represented 21.08% of its total revenue (-19.53% over the same period)

The decrease in rail fastener sales of 2012 was resulted from the situation of high-speed construction in China, which still stayed at the low-level recovering process. In 2012, the total signed contract for high-speed rail and metro fasteners totaled RMB 1.071 billion.