According to the report released by giant Chinese steelmaker Baosteel on January 15, the company registered a net profit of RMB 5.753 billion ($842.76 million) for 2009, down 10.93 percent year on year.
In 2009, Baosteel achieved sales revenues of RMB 148.5 billion ($21.75 billion), down 25.97 percent year on year, with earnings per share of RMB 0.33. According to analysts, Baosteel's 2009 business results are in line with expectations considering the fluctuations in the steel market. Moreover, the company made huge profits in the third quarter last year when steel prices were at high levels.
Baosteel's financial results for Q3 rebounded sharply, with its revenues up by 23.78 percent quarter on quarter and its gross profit up by 477.69 percent quarter on quarter. Meanwhile, its net profit in the third quarter came to RMB 3.036 billion ($444.7 million), up 423.34 percent compared with the second quarter, with earnings per share reaching RMB 0.173.