On October 23, Hebei Province-based Chinese pipe producer Xinxing Ductile Iron Pipes Co. issued its financial results for the first three quarters of the current year.
In the given period, Xinxing Ductile Iron Pipes achieved an operating revenue of RMB 45.065 billion ($7.1 billion), up 14.34 percent compared to the same period of last year, while its net profit in the given period totaled RMB 803 million ($127.3 million), down 30.68 percent year on year.
The company also stated that it is planning to transfer 30 percent stakes of Xinjiang Jinte Xianghe Mining Development Co. it held to its subsidiary Xinjiang Jinte Iron and Steel Co. Ltd, for which Xinxing possesses 48 percent of the shares, with a total transaction price of RMB 76 million ($12 million). Xianghe Mining Development operates as a subsidiary of Shanghai Kunyi Investment Management Co. Ltd. The biggest shareholder of Xianghe Mining, Kunyi Investment Management announced that it would assure Xinjiang Jinte Iron and Steel Co to gain annual cash dividend not less than RMB 14 million ($2.2 million) in the 2012-2015 period.