Chinese steelmaker Jiangsu Changbao Steel Tube Co. Ltd has announced its financial results for 2012.
Accordingly, in 2012 Changbao Steel Tube achieved an operating revenue of RMB 3.435 billion ($547 million), down 7.64 percent, while its operating profit amounted to RMB 253 million ($40 million), down 22.58 percent, both on year-on-year basis. In addition, the company's operating expenditures (sales, management and financial costs) rose 26.72 percent year on year in 2012.
Changbao Steel Tube's net profit in the given year totaled RMB 206 million ($33 million), with a decrease of 10.1 percent compared to its net profit of RMB 229 million in 2011.
In 2012, the sales revenue and gross profit margin for oil casings of Changbao Steel Tube and its subsidiary Changbao Pulaisen indicated increases of 14.18 percent and 4.46 percent year on year, respectively.