Lingyuan Steel expects net loss of RMB 186 million for Q1
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On April 9, Liaoning Province-based Chinese steel producer Lingyuan Iron and Steel Co. (Lingyuan Steel) announced that it expects to record a net loss of RMB 186 million ($29.52 million) for the first quarter of the current year, compared to a net profit of RMB 70.73 million ($11.23 million) in the same period last year.
The steelmaker stated that in the January-March period the steel market saw a continuation of the sluggishness which began in the fourth quarter last year, and this impacted its financial results for the first quarter.
In 2011, Lingyuan Steel saw a 73.85 percent year-on-year decrease in net profit to RMB 156 million ($24.76 million), while its operating revenue for the year reached RMB 14.308 billion ($2.27 billion), up 11.28 percent year on year.