September 08, 2008

Chongqing Steel Q1 net profits up by 51.6% YoY

Chongqing Iron & Steel Co. Ltd announced that its net profits hit CNY 186 million in the first quarter of this year up by 51.6% YoY from the same period of the previous year. It operating income in the first quarter went up by 48% YoY to amount to CNY 4.09 billion. Earnings per share were CNY 0.11.

According to its annual report also released recently its sales revenue exceeded CNY 12 billion in 2007 despite the surging fuel and raw material prices up by 24.94% YoY. Net profits of the year soared 48.33% YoY to CNY 450 million.

The Chongqing based steel manufacturer after listing on the Hong Kong Stock Exchange in 1997 raised about CNY 1 billion by issuing 350 million A-shares at CNY 2.88 apiece last year.