Jiangsu Province-based Chinese steel pipe producer Jiangsu Changbao Steel Tube Co. issued its financial results for the first quarter of the current year, announcing an operating revenue of RMB 690 million ($111.3 million), down 29.96 percent, and a net profit of RMB 46.143 million ($7.44 million), decreasing by 13.21 percent, both on year-on-year basis.
Meanwhile, the company said it expects to see a year-on-year reduction in net profit in the first half of the current year to the range of RMB 88.49-121.67 million due to slow economic development and reduced demand from downstream industries.