Hubei Province-based Chinese steelmaker Wuhan Iron and Steel (Group) Corp. (
WISCO) has announced the financial results for the first three quarters of the current year of its listed subsidiary Wuhan Iron and Steel Co. Ltd.
Accordingly, in the first three quarters Wuhan Iron and Steel Co. recorded a net profit of RMB 651 million ($106.9 million), up by 98.44 percent as compared to the same period last year. Meanwhile, in the given period, the company's operating revenue totaled RMB 66.659 billion ($10.95 billion), down by 0.84 percent year on year.
WISCO stated that the sharp increase in net profit was mainly due to the receipt of further government subsidies.