Maanshan Iron & Steel stops loss and sees net profit of RMB1.229 billion in 2016
2017-03-31 17:44:41 [Print]
Maanshan Iron & Steel Co., Ltd. (00323, “the company”) released its 2016 financial results. In 2016, the company achieved operation revenue of RMB48.275 billion, up by 7.02% YOY; net profit of RMB1.229 billion with loss of RMB4.804 billion in the corresponding period of last year; basic EPS (earnings per share) of RMB0.160.
The company claimed that the increasing prices for steel and iron products during 2016 mainly accounted for its increased revenue and net profit.
According to the company’s announcement, the impact from increased steel products prices was greater than that from increased raw material prices, which is the main external factor for the generally improved performance of steel and iron enterprises.
The company noted that Masteel plans to produce 18.22 million tons of pig iron, 19.17 million tons of crude steel, 18.24 million tons of steel products (including 14.40 million tons of pig iron, 15.25 million tons of crude steel and 14.32 million tons of steel products to be produced by the company itself) in 2017, with no significant changes year-on-year.
The company claimed that the increasing prices for steel and iron products during 2016 mainly accounted for its increased revenue and net profit.
According to the company’s announcement, the impact from increased steel products prices was greater than that from increased raw material prices, which is the main external factor for the generally improved performance of steel and iron enterprises.
The company noted that Masteel plans to produce 18.22 million tons of pig iron, 19.17 million tons of crude steel, 18.24 million tons of steel products (including 14.40 million tons of pig iron, 15.25 million tons of crude steel and 14.32 million tons of steel products to be produced by the company itself) in 2017, with no significant changes year-on-year.
