Handan reports net profit of Yuan 169 million
Chinese steelmaker Handan Iron & Steel Co. located in Hebei province near Beijing, has announced its net profit as Yuan 169 million (approx. $20.4 million) in the third quarter of 2003, down by 1.7% compared to same period last year. However, company's revenue increased by 61% to Yuan 3.2 billion in the same period. The decrease seen in profit is in relation with high raw material costs, according to company officials. Handan's net income rose by 17.5% to Yuan 492 million in the first nine months of 2003 while turnover was up by 43.9% to Yuan 8.3 billion. Company increased its pig iron production by 4.95% to 2.95 million tons in January-September period and finished steel production by 10.1% to 2.83 million tons.