Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
Baosteel Q1 net profit up 16% on stainless steel rebound
+ -
16:08, April 29, 2008

 Related News
 Baosteel's net profit slows down
 Baosteel agrees 65% iron ore price hike
 Baosteel to control costs through shipping venture
 China Baosteel chairman predicts iron ore talks to end by February
 BHP Billiton, Baosteel signs 10-year iron ore supply agreement
 Comment  Tell A Friend
 Print Format  Save Article
China's largest steel provider, Baoshan Iron and Steel Co., Ltd., reported its first quarter net profit rose 16 percent over the same period last year on better performance from its stainless steel sector.

The profit reached 4.26 billion yuan (609 million U.S. dollars), with earnings per share valued at 0.24 yuan, according to the quarterly report released by the Shanghai-based company on Monday.

Baoshan's total profit soared 71 percent, or 2.41 billion yuan, to 5.82 billion yuan compared with the previous quarter. The improved performance came despite rising costs due to the severe power supply shortage and a transport strain caused by the snow disaster in south China starting in late January, as well as price increases in raw materials and fuel.

Analysts attributed the leap to its recovering stainless steel business, whose gross profit declined 17 percent in 2007 as nickel prices fluctuated violently. The sales rebound in the sector reduced the impairment of assets by 370 million yuan in the first quarter compared with the same period last year.

Baosteel's 2007 total profit rose 0.5 percent to 19.31 billion yuan. Its sales revenue stood at 191.56 billion yuan last year and was expected to reach 200 billion yuan in 2008.

The company was also included in the Fortune 500 list for the fourth straight year in 2007. It ranked the 307th among the 500 tops companies, and sixth among all steel companies.

Its shares rose 1.01 percent to 12.90 yuan on the Shanghai Stock Exchange on Monday.

Source:Xinhua



  Your Message:   Most Commented:
Chinese netizen discussion of"boycott on French goods"
What is Nancy Pelosi really up to?
FM: China strongly denounces CNN host's insulting words
Dalai's brag about "peace", "non-violence" is nothing but lie
Oversea readers:China must ban CNN

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90776/90884/6401148.pdf