HBIS’ net profit up over 100% in Q1, after 33% drop in 2020

Monday, 26 April 2021 16:16:45 (GMT+3)   |   Shanghai

Hebei Province-based HBIS Company Limited, the listed subsidiary of major Chinese steelmaker Hebei Iron and Steel Group, has announced that it registered an operating revenue of RMB 107.657 billion ($16.6 billion) in 2020, down 11.39 percent year on year, and a net profit attributable to the shareholders of the listed company of RMB 1.698 billion ($0.26 billion), down 33.33 percent year on year.

The company said it made great efforts in 2020 to fight the negative impact caused by the Covid-19 pandemic and increasing iron ore prices, while its profitability decreased amid rising raw material prices.

Meanwhile, in the first quarter this year, HBIS registered an operating revenue of RMB 33.033 billion ($5.1 billion), up 40.07 percent year on year, while it posted a net profit of RMB 482 million ($74.2 million) for the quarter, up 110.99 percent year on year.

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