HBIS Resources expects sharp increase in net profit for Jan-Sept

Thursday, 15 October 2020 17:38:31 (GMT+3)   |   Shanghai

HBIS Resources Co., Ltd. (Hebei Xuanhua Machinery), a listed subsidiary of Chinese steel giant Hebei Iron and Steel Group, has issued its preliminary financial report for the first nine months of the current year, forecasting that its net profit will increase by 47.32-71.87 percent year on year to RMB 600-700 million ($89.1-103.9 million). In particular, in the third quarter this year, its net profit will amount to RMB 324-424 million ($48.1-62.8 million), rising by 78.62-133.75 percent year on year.

The company said that the big rise in net profit was mainly due to the increase in iron ore prices, while the sale of machinery sector assets in the fourth quarter of 2019 also contributed to the improvement of its performance in the first three quarters this year.

$1 = RMB 6.7374

Most Recent Related Articles

Ansteel expects 23.05 percent fall in net profit for Jan-Sept

Valin Steel foresees higher Q3 profit amid better steel prices, bigger output

CISA: China’s steel exports to reach 55 million mt in 2020

Chinese steel enterprises’ profits down 23.1 percent in January-August

CPCA: Auto retail sales in China in Sept expected to rise by 8%