Sangang Minguang's semi-annual net profits up more than expected
2017-07-07 18:06:55 [Print]
In accordance with the financial performance forecast revision released by Sangang Minguang (002110) on the evening of July 6th, their net profits attributable to share holders of listed company are likely to be between RMB903 million and RMB1.083 billion in the first 6 months of 2017, up by 150.60-200.50% YOY. However, Sangang Minguang originally disclosed on April 28th that their net profits attributable to share holders of listed company in the first half of 2017 will increase by 57.50-107.50% YOY to be between RMB568 million and RMB748 million.
According to Sangang Minguang, on the one hand, during the first half of 2017, prices for steel products kept at high levels and the increased range for prices of original burn material were relatively limited driven by the national supply-front reform, the removal of intermediate frequency furnaces and the policy on management on substandard steel; on the other hand, the company tried their best to raise revenues and reduce costs with increased profitability, making net profits in first 6 months of 2017 much more than expected. Related data indicated that Sangang Minguang mainly does iron and steel business and their main products include building material, manufacturing material, steel plate, high-quality round bar and coal chemical products.
According to Sangang Minguang, on the one hand, during the first half of 2017, prices for steel products kept at high levels and the increased range for prices of original burn material were relatively limited driven by the national supply-front reform, the removal of intermediate frequency furnaces and the policy on management on substandard steel; on the other hand, the company tried their best to raise revenues and reduce costs with increased profitability, making net profits in first 6 months of 2017 much more than expected. Related data indicated that Sangang Minguang mainly does iron and steel business and their main products include building material, manufacturing material, steel plate, high-quality round bar and coal chemical products.
