Wuhan ten folds profits in Q1
China's second largest steel producer Hubei based Wuhan Iron & Steel posted 10 times increase in the first-quarter profits. The companies net income reached RMB 1.55 billion ($187 million) in the first quarter; ten times higher than RMB 155.7 million of the first quarter in 2004. The sales of the company increased from RMB 1.49 million to RMB 10.46 billion. The company was China's third steel producer in 2004, before it bought many plants from its parent company Wuhan Iron & Steel Group in June with RMB 9 billion worth fund raising in 2004 through stock sales. The company expects three times increase in its first half profits to more than RMB 2.1 billion.