On September 28, Sichuan Province-based Chinese steelmaker Pangang Group Steel Vanadium & Titanium Co. (Pangang Vanadium & Titanium) announced that it will make an adjustment to the period of depreciation for the company’s fixed assets as of October 1, 2015.
The adjustment in question will apply to future accounting, with no impact on previous financial results. However, it is expected that the adjustment will lead to a decrease of RMB 86 million ($13.5 million) in fixed assets depreciation, resulting in an increase of RMB 65 million ($10.2 million) in the company’s net profit for the fourth quarter this year.