Jigang Group Co.’s net profit declines by 91.42 percent in 2009

Monday, 15 March 2010 14:30:03 (GMT+2)

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In its 2009 annual report Shandong Province-based Chinese steel producer Jigang Group Co., Ltd has issued a net profit of RMB 66.994 million ($9.81 million), down 91.42 percent year on year, citing the influence of industry overcapacity and very strong competition. Meanwhile, the company's gross revenue for the year was RMB 25.407 billion ($3.72 billion), down 41.16 percent year on year.

In 2009, Jigang Group Co.'s iron output totaled 6.97 million mt, its crude steel output came to 7.46 million mt and its steel product output totaled 7.09 million mt, down 5.11 percent, 10.2 percent and 5.95 percent year on year, respectively.

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