Sinosteel Anhui Tianyuan Technology expects to achieve net profits of RMB50-60 million in H1 2017
2017-07-14 17:22:00 [Print]
Sinosteel Anhui Tianyuan Technology (“Tianyuan” or “the Company”) released amendment announcement on performance forecast on July 13 at night that it expects to realize net profits of RMB50-60 million in H1 2017. Previously, the Company expected in the quarterly report that the net profits would be RMB13-15 million from January to June 2017.
According to the Company, they amended the forecast of H1 of 2017 mainly as CSRC approved on the property acquisition through stocks issuing on May 17. Afterwards, the Company finished the transfer procedure and business registration of acquisition of 100% stock equity of Sinosteel Zhengzhou Research Institute of Steel Wire Products Co., Ltd., Zhongwei Company, and Hunan Special Metal Materials Co., Ltd. The above three companies have become the wholly-owned subsidiaries of Tianyuan and the financial performance of the above three companies have been incorporated into Tianyuan since June. In addition, the market outlook of Tianyuan’s soft magnetic materials becomes better and better, with profits sharply up than expected.
According to the Company, they amended the forecast of H1 of 2017 mainly as CSRC approved on the property acquisition through stocks issuing on May 17. Afterwards, the Company finished the transfer procedure and business registration of acquisition of 100% stock equity of Sinosteel Zhengzhou Research Institute of Steel Wire Products Co., Ltd., Zhongwei Company, and Hunan Special Metal Materials Co., Ltd. The above three companies have become the wholly-owned subsidiaries of Tianyuan and the financial performance of the above three companies have been incorporated into Tianyuan since June. In addition, the market outlook of Tianyuan’s soft magnetic materials becomes better and better, with profits sharply up than expected.
