WISCO posts 111 percent rise in net profit for Q1

Hubei Province-based Chinese steel producer Wuhan Iron and Steel Co. (WISCO) has announced its financial results for the first quarter of 2011.

Accordingly, in the first three months of the current year WISCO's net profit reached RMB 608 million ($93 million), up 111 percent year on year. Meanwhile, the operating revenue of the company was RMB 21 billion ($3.2 billion) in the period in question, compared with RMB 16.7 billion in the same period of 2010.