Shanxi Taigang Stainless Steel has announced that its net profit for the first three quarters soared to CNY 991.07 million, increasing 27 times the amount of net profit recorded during the same period last year.

Revenue for first three quarters rose by 34.59% YoY to CNY 66.604 billion with earnings per share of CNY 0.174for the first three quarters.

The company had an EPS of CNY 0.032 in the third quarter.

Shanxi Taigang Stainless Steel generated CNY 23.185 billion in revenue between July and September, advancing 12.95% YoY. Net profit declined by 74.74% YoY in the third quarter to CNY 181 million.

The company's strong net profit in the first three quarters benefited from higher product sales and prices.