It is reported that Wuhan Iron & Steel Co Ltd uncovered its Q3 report on Sunday evening October 25th that the listed company only made CNY 547 million of profit in the Q3 down by 75.8%YoY due to the decreasing sales volume and declining steel price.
Besides, the company warned that the company yearly net profit might drop more than 50% from last year considering the ailing global economy and the uncertainties in China steel industry recovery.
As mentioned in the report, Wuhan Steel totally posted CNY 1,053 million of net profits in the first three quarters falling 85.34%YoY with the earning per share at CNY 0.134 down by 75.7%YoY.
Actually, the company would have faced a heavier decline in Q3. Wuhan Steel earned CNY 232 million from other investments, mainly attributing to cashing in some financial assets available for sale which abated the company’s profit decline.
(Sourced from MySteel.net)
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