Profit slows for Chinese metallurgical sector
38 key Chinese metallurgical enterprises realized production value of RMB 139.11 billion ($16.8 billion) through the first two months of 2005, up 28.2% year on year. The growth rate of production value, however, dropped 32% against that of the same period the previous year. Meanwhile, major business revenue reached RMB 141.12 billion ($17 billion), up 22.2% year on year. On the other hand, the growth rate of revenue has dropped 37% when compared to the same period in 2004. Moreover, total gross profit came to RMB 14.18 billion ($1.71 billion), up 20.4% year on year. The gross profit growth rate, however, plummeted 87.7% year on year.