China Knowledge reported that China's Xinjiang Ba Yi Iron & Steel Co Ltd, the largest steel maker in Northwest China's Xinjiang Uygur Autonomous Region expected its net profit to fall 51% YoY to CNY 190 million in the first half of this year.

The profit decline was smaller than the 90.02% drop in the first six months.

Basic earnings per share were estimated at CNY 0.25 in the period.

Ba Yi Iron & Steel said its operating revenue was expected to climb 0.8% YoY to CNY 14.1 billion in H1.

The steel maker earlier reported a net profit of CNY 16.88 million for the first quarter of this year. Operating revenue fell to CNY 5.82 billion in Q1 from CNY 6.70 billion in the same period of 2011.

Source - China Knowledge

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