WISCO sees 90 percent increase in operating revenue in H1

Monday, 23 August 2010 13:35:41 (GMT+2)

In the first half of the current year Chinese steel producer Wuhan Iron and Steel Company (WISCO) achieved an operating revenue of RMB 1.292 billion ($190 million), while its net profit was RMB 963 million ($142 million), both up almost 90 percent on year-on-year basis.

According to WISCO, the growth in its operating revenue was due to the increases in sales volume and sale prices. Meanwhile, due to the hikes in raw material prices and in electricity charges, production costs also increased.

WISCO also stated that from July this year the demand from domestic downstream sectors such as automotive, home appliances and real estate has dropped significantly, exerting a negative impact on prices of steel.

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