December 03, 2008

Jigang posts net profit of CNY 400 million in Q1

According to the quarterly report issued by Jinan Iron and Steel Company Ltd, during the first three months of 2008 Jigang realized operating income CNY 10,228 million up by 32.96% YoY from that of the same period in 2007, net profit CNY 393 million up by 32.54% YoY and profit per share came to CNY 0.29 up by 10.43% YoY with the same comparison.

The increases in revenues were mainly due to the improved conditions in steel market, and the higher prices for steel compared with those of the corresponding period in 2007. Meanwhile, due to that the costs for steel have increased the operation costs for the period hiked by 34.79% from a year ago.