It is reported that Mainboard listed Delong Holdings announced a 99.3% jump in its Q2 net profit to CNY 166.2 million from CNY 83.4 million in the corresponding quarter last year.

Taking into account first-quarter losses from declined steel prices, this brought its first-half net profit to CNY 151.9 million.

The Chinese manufacturer of hot-rolled steel coils also reported 22.1%YoY revenue growth in Q2 to CNY 4.0 billion on the back of first-time contributions from its newly acquired subsidiary in April 2012 Laiyuan County Aoyu Steel Co Ltd.
Delong said that Aoyu Steel contributed 25.9% or CNY 1.0 billion of its total Q2 revenue.

Source - Business Times

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