Shanghai Securities News reported that Beijing Shougang Co Ltd reported that its net profit rallied 1,411.64% in the Q3 from a year ago to CNY 319 million.

Gross revenue in the period posted at CNY 5.9 billion up by 4.17%YoY from the same period of last year. And the steel producer attributed the sharp net and EPS rally to the output cut last year due to Olympic Games which dragged down its major financial indices considerably.

Shougang also said returns on financial assets' investment in the Q3 added up to CNY 133 million and CNY 11.26 million in total from investments in Taigang Stainless, Xishan Coal Electricity and China Int'l Travel Service.

(Sourced from Shanghai Securities News)