Zhongyuan Special Steel sees reduced net loss in Q1

Henan Province-based Chinese steelmaker Zhongyuan Special Steel Co. has issued its preliminary financial results for the first quarter of the current year, indicating a net loss of RMB 10.6677 million ($1.74 million), with a loss per share of RMB 0.023. In the same period last year, the company saw a net loss of RMB 21.7617 million ($3.55 million). Meanwhile, the operating revenue of the company in the first three months of the current year amounted to RMB 290 million ($47.31 million), up 2.79 percent year on year.
 
Zhongyuan Special Steel stated that the reduction in its net loss in the first quarter this year was mainly due to the increase in its operating profit during the given period.