Hubei Province-based Chinese steelmaker Wuhan Iron and Steel (Group) Co. (WISCO) announced its annual financial report on April 26, posting a net profit of RMB 1.515 billion ($222 million) in 2009, down 70.77 percent year on year. In addition, the company posted sales revenue of RMB 53.714 billon ($7.88 billion) for 2009, down 26.76 percent year on year.
Commenting on its results, WISCO attributed the decrease in its sales revenue to declines in both sales prices and sales volume, while it said that the decrease in net profit mainly resulted from the impact of the financial crisis on the steel industry.
At the same time, WISCO announced its financial report for the first quarter of 2010, posting a net profit of RMB 288 million ($42 million), up 9.70 percent year on year.