On October 26, Zhejiang Province-based Chinese stainless steel pipe producer Jiuli Stainless Steel Pipe Co. issued its financial results for the third quarter of the current year, indicating a net profit of RMB 51.11 million ($8.11 million), up 52.97 percent year on year. In the given quarter, Jiuli Stainless Steel achieved an operating revenue of RMB 749 million ($118.9 million), increasing by 22.26 percent on year-on-year basis.
In the first three quarters, the company achieved an operating revenue of RMB 2.037 billion ($323 million) and a net profit of RMB 125 million ($19.8 million), up 18.95 percent and 32.61 percent respectively compared to the same period last year.
Meanwhile, Jiuli Stainless Steel Pipe foresees a net profit in the range of RMB 137-172 million ($21.7-27.3 million) for the whole of the current year, up 20-50 percent year on year.