On April 24, Beijing-based Chinese pipe producer Xinxing Ductile Iron Pipes Co. announced its financial results for the first quarter of this year.
Accordingly, in the first quarter the company achieved an operating revenue of RMB 15.381 billion ($2.5 billion), up 5.83 percent year on year, while its net profit was RMB 326 million ($52 million), down 9.21 percent compared to the same period of last year.
In the given period, Xinxing Ductile Iron Pipes Co. produced 358,000 mt of ductile iron pipes and pipe fittings, 17,300 mt of steel grating plates and 13,900 mt of tube blanks, down 7.21 percent, 1.75 percent and 5.07 percent year on year respectively.