Anhui Province-based Chinese steelmaker Ma Steel has revealed its financial report for the first quarter of 2010. With product prices and sales volumes both increasing, the producer achieved a profit in Q1 this year, compared to the loss it recorded in the same period of last year.
In the first quarter this year, Ma Steel registered a net profit of RMB 521 million ($76.39 million), compared to a net loss of RMB 899 million ($131.82 million) in the same period last year. Meanwhile, its earnings per share in Q1 2010 were RMB 0.0676 ($0.009). The producer's revenue in Q1 this year came to RMB 14.281 billion ($2.093 billion), up 23.85 percent year on year.
The company states that its results were boosted by increases in both the steel product sales volume increase and steel prices. However, due to the high prices of raw materials, the company says it has been facing significant cost pressure.