Tianjin-based Chinese steelmaker You Fa Steel Pipe Group Stock Co., Ltd. has announced a net profit of RMB 197 million ($29.3 million) for the January-September period this year, down 60.68 percent year on year. In the given period, You Fa Steel Pipe registered an operating revenue of RMB 39.079 billion ($5.8 billion), up 2.86 percent year on year. The company stated that demand falling short of expectations contributed to the decline in its net profit.
In the July-September period of this year, You Fa Steel Pipe Group Stock Co., Ltd. registered an operating revenue of RMB 14.055 billion ($2.1 billion), up 7.26 percent year on year, while posting a net loss of RMB 81.255 million in the given period, compared to a net profit of RMB 214.79 million recorded in the same period last year.
