Sinosteel Anhui Tianyuan Technology's net profit significantly up by 95.83% YOY in H1 of 2017
2017-08-30 17:21:59 [Print]
According to the semi-annual performance report published by Sinosteel Anhui Tianyuan Technology on the evening of 27 August, the company achieved the operating income of RMB570 million in H1 of 2017, up by 33.93% YOY, and the net profit of RMB54.17 million, up by 95.83% YOY.
With orderly slashed overcapacity, relevant industries witnessed more coordinated supply and demand during the report period, compared with the same period of last year, and its sales of many businesses picked up; however, generally rising prices for industrial products affected material cost of products. Based on businesses of soft magnetic materials and permanent magnet devices, the company further promoted soft magnetic material business via merger and acquisition and added new business of metal products and metal product detection, which has contributes conspicuously to its performance.
The company expects to see the net profit of RMB75-95 million in Jan-Sep, up by 60.24-102.98% YOY. It mainly attributes recovering performance to favorable market conditions including rising orders and profits compared with the same period of last year.
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With orderly slashed overcapacity, relevant industries witnessed more coordinated supply and demand during the report period, compared with the same period of last year, and its sales of many businesses picked up; however, generally rising prices for industrial products affected material cost of products. Based on businesses of soft magnetic materials and permanent magnet devices, the company further promoted soft magnetic material business via merger and acquisition and added new business of metal products and metal product detection, which has contributes conspicuously to its performance.
The company expects to see the net profit of RMB75-95 million in Jan-Sep, up by 60.24-102.98% YOY. It mainly attributes recovering performance to favorable market conditions including rising orders and profits compared with the same period of last year.