Jiangsu Province-based Chinese pipe producer Yulong Steel Pipe Co. has announced that in 2013 it achieved operating revenues totaling RMB 2.715 billion ($0.45 billion), up 10.15 percent, and recorded a net profit of RMB 149 million ($24.35 million), up 26.37 percent, both year on year.
Yulong Steel also stated that it plans to raise funds not exceeding RMB 531 million ($86.77 million) to invest in four of its projects, by issuing no more than 38.48 million shares with the price per share not lower than RMB 13.81 ($2.26). With the four projects in question, the company expects to increase its annual output capacity of steel pipes for the oil and gas sector by 165,000 mt, which would add an estimated RMB 108 million ($17.65 million) to the company's annual net profit.