Chinese steel giant Baosteel has reported a net profit of RMB 9.61 billion ($1.53 billion) for the first half of the current year, up 89 percent year on year, as the steel producer sold off some of its businesses during the period in question.
Baosteel's revenues rose 29 percent year on year to RMB 98.1 billion ($15.4386 billion) in the first half of the current year, while it recorded earnings per share of RMB 0.55.
In the period in question, Baosteel earned RMB 9.09 billion ($1.43 billion) by selling its stainless and special steel businesses, with the effect of increasing its profits by 81.7 percent, while its operating profits declined by 59.8 percent year on year due to weaker market demand and lower steel product prices during the given period.