Jiangsu Province-based Chinese pipe producer Yulong Steel Pipe Co. has announced that for the first quarter of the current year it expects to realize a net profit of RMB 42.7458-50.7606 million ($6.88-8.17 million), up 60-90 percent year on year.
Yulong Steel stated that the rise in its net profit in the first quarter was mainly due to rising export sales revenues.