China’s Xinxing Ductile Iron Pipes records declines in net profit in Q1

Chinese steel pipe producer Xinxing Ductile Iron Pipes has announced that in the first quarter of this year its total operating revenue amounted to RMB 14.53 billion ($2.3 billion), increasing by 8.43 percent year on year. Meanwhile, in the given period the company’s net profit came to RMB 360 million ($57.14 million), decreasing by 8.11 percent compared to the same period of 2011.