Jiuli Stainless Steel Pipe posts 27 percent drop in net profit in 2010

On February 23, Huzhou, Zhejiang-based Chinese stainless steel producer Jiuli Stainless Steel Pipe Co., Ltd. (Jiuli Stainless) announced that in 2010 it realized a net profit of RMB 69.64 million ($10.57 million), down 27 percent year on year, while its sales revenues for the year reached RMB 1.81 billion ($275 million), up 14.9 percent year on year.
 
In 2009, Jiuli Stainless had seen a net profit of RMB 96.06 million ($14.6million), up 18.25 percent compared to 2008, while its sales revenues had totaled RMB 1.5798 billion ($239.7million).