Construction corp profits soar on Disneyland
Updated: 2013-03-06 21:18
Shanghai Pudong Road & Bridge Construction Co Ltd said that its profits increased 98.9 percent year-on-year to 843 million yuan ($134.09 million) in 2012, supported by the projects it is developing for the local Disneyland resort.
The road construction projects in Hangcheng Road and Tanghuang Road in Shanghai's Pudong district, which will support the Disneyland holiday resort, boosted the company's profits.
The company's business revenue exceeded 1.2 billion yuan with an annual growth of 5.81 percent in 2012. Net profits attributed to the shareholders of the listed company reached 359 million yuan, up 70 percent year-on-year.
The projects to support the Disneyland resort are one of the main engines boosting the economic development of Shanghai in the next decade, the company said.
The agreement related to the road construction projects in Tanghuang Road and Hangcheng Road was signed between the company and the district government in January 2011. The total investment is 1.45 billion yuan.
In 2012, the construction company said that it was in charge of four road construction projects related to the Disneyland project with investments over 3.9 billion yuan.