Zhejiang Province-based Chinese steel pipe producer Kingland Pipeline Technologies Co. has announced that in 2011 its total operating revenue amounted to RMB 3.142 billion ($498.73 million), rising by 22.99 percent year on year. However, its net profit for the year declined by 11.51 percent year on year to RMB 64.65 million ($10.26 million).
Kingland Pipeline Technologies' earnings per share (EPS) in 2011 amounted to RMB 0.37 ($0.059). The company stated that very strong competition in the market contributed to the reduction in its net profit last year.