On April 21, Guangxi Province-based Chinese steelmaker Liuzhou Iron and Steel posted its 2009 annual report. Accordingly, in 2009 the company achieved a net profit of RMB 270 million ($39.59 million), up 1,641.25 percent, an operating revenue of RMB 26.566 billion ($3.895 billion), down 9.07 percent, and earnings per share of RMB 0.1054 ($0.01545), increasing by 1,627.87 percent - all compared to the previous year.
The company said that the massive increase in profit was due to the national stimulus policy which boosted the prices of small sections. In this context, with raw material prices at lower levels in 2009, the company focused its production on small sections, thereby achieving its impressive results for 2009
At the same time, the company also disclosed its financial results for the first quarter of this year. Its net profit for the quarter came to RMB 47.305 million ($6.9362 million) compared to a loss of RMB 515 million ($75.513 million) in the same period last year, its operating revenue amounted to RMB 7.084 billion ($1.0387 billion), up by 20.15 percent year on year, while its earnings per share for the quarter came to RMB 0.0185 ($0.00271) compared to a loss of RMB 0.2008 ($0.0294) per share in the first quarter last year.