Hunan Province-based Chinese steelmaker Valin Group has estimated that for 2011 the aggregate net profit of its listed companies will be in the range of RMB 50-90 million ($7.9-14.2 million).
Valin Group stated that, as compared to the loss of RMB 2.64 billion ($417 million) recorded in 2010, it reduced losses by about RMB 1.5 billion ($237 million) in 2011, while at the end of last year the local government provided it with about RMB 1.168 billion ($185 million) in subsidies for technological research and environmental protection. The subsidies in question were entered in the company's balance sheet under operating revenue.