The China Railway Corporation (CRC), a spinoff of the now defunct Ministry of Railways, cut its losses to 1.73 billion yuan ($280 million) in the first three quarters of this year, down from 8.54 billion yuan a year ago, Economic Information reported Monday citing the CRC's financial report.

The CRC achieved sales revenues of 752.3 billion yuan including 195.3 billion yuan for cargo transportation for the first 9 months of this year, up 8 percent and 14 percent year-on-year respectively.