Jiangsu Province-based Chinese steelmaker Nanjing Iron and Steel Co., Ltd (Nanjing Steel) has issued its financial report for the January-September period this year, stating that it registered an operating revenue of RMB 47.877 billion ($7.1 billion) in the given period, up 10.61 percent year on year, while posting a net profit of RMB 1.799 billion ($0.27 billion), down 17.35 percent year on year.
In the July-September period this year, Nanjing Steel registered an operating revenue of RMB 16.746 billion ($2.5 billion), up 16.79 percent year on year, while it posted a net profit of RMB 477 million ($71 million), down 33.18 percent year on year.
Nanjing Steel stated that the decline in its net profit in the first nine months was mainly due to a significant year-on-year increase in fuel market prices, which pushed up its production costs in the given period.
