Taigang Stainless posts CNY 681 million loss in H2
Sunday, 30 Aug 2009
Bloomberg reported that Shanxi Taigang Stainless Steel Co has posted a second half yearly loss as overcapacity and slowing demand depressed prices.
Net loss was CNY 681 million in the 6 months ended June 30th 2009 as compared with a profit of CNY 2.1 billion a year ago. Its first half loss may reach CNY 700 million.
Sales plunged by 33% to CNY 29 billion in the first half from CNY 42.9 billion a year ago.
The company had a loss of CNY 910 million in the second half of 2008.
