Jiangsu Province-based Chinese steel tube producer Jiangsu Changbao Steel Tube Co, has announced that in the first half of the current year it registered an operating revenue of RMB 1.675 billion ($264.2 million), up 2.74 percent, and an operating profit of RMB 116 million ($18.3 million), down 8.87 percent, on year-on-year basis. In the given period, the net profit attributable to the company's shareholders was RMB 91.82 million ($14.48 million), up 2.36 percent year on year.
In the first six months this year, 75.59 percent of Changbao Steel Tube's total operating profit was based on sales of oil casings. Revenues from sales of oil casing products increased by over 10 percent year on year in the given period. However, the company's operating revenue for the first six months was affected by slower growth in downstream demand for boiler tubes.
In H1 this year, Jiangsu Changbao Steel Tube's operating revenues from domestic market sales amounted to RMB 1.12 billion ($176.66 million), down 8.91 percent year on year, while its operating income based on overseas sales reached RMB 481 million ($75.87 million), up 45.73 percent year on year on back of the company's strategy of focusing on sales of high-end products in overseas markets.