On October 27, Beijing-based Chinese pipe producer Xinxing Ductile Iron Pipes Co. announced its financial results for the third quarter and the first nine months of the current year.
Accordingly, in the first nine months the company achieved an operating revenue of RMB 48.419 billion ($7.89 billion), up 0.8 percent, while it recorded a net profit of RMB 617 million ($100.49 million), rising by 45.37 percent, both compared to the corresponding period of the previous year.
In the third quarter alone, Xinxing Ductile Iron Pipes recorded an operating revenue of RMB 14.631 billion ($2.38 billion), down 1.66 percent year on year, while it achieved a net profit of RMB 163 million ($26.55 million), up 216.91 percent year on year.