Zhejiang Province-based Chinese stainless steel pipe and tube producer Zhejiang JIULI Hi-tech Metals Co. (formerly known as Jiuli Stainless Steel Pipe Co.), a listed subsidiary of Zhejiang JIULI Group Co., has issued its financial report for the first quarter of the current year, announcing an operating revenue of RMB 561 million ($90.5 million) in the given period, down 8.79 percent year on year, and a net profit of RMB 31.264 million ($5.04 million), down 35.92 percent year on year.
In addition, the company said that it expects to record a net profit in the range of RMB 73.5-105 million in the first half of the current year as the company's profitability has been affected by the slower growth of China's economy and the slowdown in investments by downstream industries.