Bayi Iron and Steel sees sharply increased net profit in H1 2017 YOY
2017-08-30 18:03:37 [Print]
Bayi Iron and Steel released its semi-annual report on the evening of August 25th. According to the report, the company produced 2.49 and 2.36 million tons of steel and steel products in the first half of 2017 respectively, up by 45.61% and 44.79% YOY severally. Within the report period, the company achieved operational revenue of RMB7.084 billion, up by 92.88% YOY; the net profit attributed to shareholders of listed companies was RMB401 million compared with the figure of a negative RMB314 million in corresponding period of 2016, turning losses into gain.
The both sharply increased prices and sales for steel products was the main reason for the company’s stronger performance.
Bayi Iron and Steel mainly engages in the smelting, rolling, processing and marketing of iron and steel products with main products including high speed wire rod, rebar, hot rolled plate, medium plate which are widely used in construction and industrial engineering. Xinjiang market is relatively closed and local steel product prices are generally higher than mainstream prices, with JISCO’s steel products being the only external steel sources. The company’s long steel plate products hold over 40% of the market share. Besides, they purchase liquid iron all from the controlling shareholders and can enjoy a lower-than-national-average purchase costs for the material.
The both sharply increased prices and sales for steel products was the main reason for the company’s stronger performance.
Bayi Iron and Steel mainly engages in the smelting, rolling, processing and marketing of iron and steel products with main products including high speed wire rod, rebar, hot rolled plate, medium plate which are widely used in construction and industrial engineering. Xinjiang market is relatively closed and local steel product prices are generally higher than mainstream prices, with JISCO’s steel products being the only external steel sources. The company’s long steel plate products hold over 40% of the market share. Besides, they purchase liquid iron all from the controlling shareholders and can enjoy a lower-than-national-average purchase costs for the material.
