Jiangsu Province-based Chinese pipe producer Yulong Steel Pipe Co. has issued its financial results for the first half of this year. In the given period, the company reported an operating revenue of RMB 1.1 billion ($173.5 million) and a net profit of RMB 56.53 million ($8.9 million), down 10.14 percent and 22.37 percent respectively, both year on year.
In the first half of this year, Yulong Pipe achieved a sales volume of 235,600 mt of steel pipes, including 77,700 mt of steel pipes for the oil and gas industry, both indicating slight increases compared to the same period of last year. Yulong Pipe stated that in the first half of this year its average gross profit margin for all steel pipe sales was 12.10 percent, down 3.09 percentage points on year-on-year basis. In the given period, the average gross profit margin for sales of steel pipes for the oil and gas industry was 19.04 percent.