Midas Holdings’ joint venture company Nanjing SR Puzhen Rail Transport (NPRT) has secured a CNY1.28bn ($196m) metro train contract for the Guiyang Rail Transit Line 1 in China.

A Sino-foreign joint venture, NPRT develops and manufactures metro trains, bogies and their related parts.

The contract is awarded by Guiyang Urban Rail Transit and the trains are scheduled to be delivered by the end of next year.

"This new contract reflects the continued expansion of China’s domestic rail network."

The company also expects the contract win to positively augment the group’s financial performance for the 2016 and 2017 financial years.

Midas executive director and CEO Patrick Chew said: "NPRT has made a strong start to the year with a CNY1.28bn order boost and marks its successful breakthrough into a new PRC city.

"This new contract reflects the continued expansion of China’s domestic rail network, which we believe will continue to translate into significant growth opportunities for market players."

A manufacturer of aluminium alloy extrusion products for the passenger rail transportation sector in China, Midas has a 32.5% stake in NPRT.

Last June, NPRT won three metro and tram contracts in China worth CNY2.1bn ($342m).

The first is a CNY971m ($156m) metro train supply contract and was awarded by Hefei Urban Rail Transit for the Hefei Rail Transit Line 2.

Shanghai Rail Transit Line 8 Phase III Development has awarded the second contract worth CNY808m ($130m) to NPRT and its consortium partners for the Shanghai Metro Line 8 Phase III.

Suzhou New District Tramway has awarded the CNY326m ($52m) contract for the Suzhou National New & Hi-tech Industrial Development Zone Tramline 2.