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.

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