Shougang Co. returns to profit in third quarter

Beijing-based Chinese steelmaker Shougang Co. has issued its financial results for the third quarter and the first three quarters of the current year, returning to profit in the third quarter following the losses recorded in the first half of the year.
 
In the first three quarters, Shougang achieved an operating revenue of RMB 7.872 billion ($1.25 billion), down 17.16 percent year on year, while it registered a net loss of RMB 308 million ($48.9 million). Meanwhile, in the third quarter the company achieved an operating revenue of RMB 2.667 billion ($423 million) and a net profit of RMB 41.3221 million ($6.56 million), compared to a net loss of RMB 143 million in the third quarter of 2011.
 
When posting a net loss of RMB 349.43 million ($55.1 million) for the first half of this year, Shougang had predicted a net loss for the third quarter in the range of RMB 29.94-70.57 million ($4.7-11.1 million).