On August 5, Henan Province-based Chinese steelmaker Anyang Iron and Steel Group reported that its net profit in the first half of the current year reached RMB 50.3709 million ($7.44 million), compared to a net loss of RMB 382 million ($56.43 million) in the same period last year.
In the period in question, Anyang Iron and Steel's sales revenue amounted to RMB 13.492 billion ($1.99 billion), up 28.74 percent year on year, while its earnings per share came to RMB 0.02 ($0.00295), compared to losses per share of RMB 0.16 ($0.0236) in the corresponding period of last year.
Anyang Iron and Steel stated in its report that its return to profit in the first half of the current year was due to increasing sales volumes and higher steel prices, adding that it also expects to record a net profit for the January-September period this year.
(US$1 = RMB 6.77)