BEIJING, May 2 (FAM) – China Railway Corp’s debt ratio stood at 65.1 percent as of the end of 2016 as the national railway operator’s debt load continued to grow, the financial news site Caixin reported over the weekend.

The company’s debt surged 15.1 percent to 4.72 trillion yuan ($725 billion) in 2016, the report said.

The company usually runs at a loss over the first three quarters of each year, but it then receives subsidies from the national welfare fund during the fourth quarter to push it into the black, according to the report, which cited an unidentified source at China Railway.