JISCO Hongxing Steel’s net profit down 74.81 percent in Q1

Tuesday, 30 April 2019 10:32:09 (GMT+3)   |   Shanghai
       

Gansu Province-based Chinese steel producer Hongxing Steel, a listed subsidiary of Gansu-based steelmaker Jiuquan Iron and Steel Group (JISCO), has announced

that in 2018 it has registered an operating revenue of RMB 45.431 billion ($6.77 billion), up 10.84 percent year on year, and a net profit of RMB 1.093 billion ($0.16 billion), increasing by 159.44 percent compared to the previous year.

In the first quarter of the current year, the company registered an operating revenue of RMB 9.658 billion ($1.44 billion), down 1.59 percent year on year, while it has posted a net profit of RMB 30.9138 million ($4.61 million) for the given period, down 74.81 percent year on year.

The company stated that tight supply of iron ore in the first quarter of the current year resulted in rises in costs and declines in the company’s net profit in the given period.


Most Recent Related Articles

US drawn wire imports down 9.7 percent in November

Quiet activity in Turkish local merchant market

Chinese domestic steel section prices stable or down slightly

Taiwan’s basic metal export orders down 14.6 percent in 2019

Egyptian and Emirati wire rod in demand in Saudi Arabia