Xinxing Ductile Iron Pipe sees net profit up by 165.64% YOY to RMB500 million
2017-08-30 18:07:17 [Print]
Xinxing Ductile Iron Pipe Co., Ltd. released it semi-annual performance report on the evening of August 28th. According to the report, the company achieved operational revenue of RMB25.225 billion, down by 6.33% YOY; the net profit attributed to shareholders of listed company was RMB501 million, up sharply by 165.64% YOY.
The report indicated that with the ongoing supply-side structural reform, the conflict of excess capacity was further released and the market circumstance continued to be improved with inner industrial structure further optimized. By eliminating thoroughly the outdated capacity for substandard steel products, strengthening the regulation of violation of laws and rules as well as low-end and ineffective supply capacity and increasing effective supply, China’s standard crude steel output grew fast in the first half of 2017 with that of medium and large sized steel enterprises growing faster than small-sized enterprises.
Within the report period, the company is capable of producing 2.60 million tons of ductile cast iron pipes, over 5 million tons of steel products, 80,000t of pipe fitting, 3 million meters of steel-plastic composite pipe, 180,000t of special steel pipe and 120,000t of steel grating per year, providing diversified product services for customers.
In the first half of 2017, the company produced 1,058,100t of ductile pipe and pipe fitting, 2,375,800t of crude steel, 2,430,500t of steel products and 33,600t of steel grating, up by 8.70%, -7.08%, 4.10% and -2.04% YOY respectively; the electric energy production was 588 million degrees, up by -2.00% YOY.
The report indicated that with the ongoing supply-side structural reform, the conflict of excess capacity was further released and the market circumstance continued to be improved with inner industrial structure further optimized. By eliminating thoroughly the outdated capacity for substandard steel products, strengthening the regulation of violation of laws and rules as well as low-end and ineffective supply capacity and increasing effective supply, China’s standard crude steel output grew fast in the first half of 2017 with that of medium and large sized steel enterprises growing faster than small-sized enterprises.
Within the report period, the company is capable of producing 2.60 million tons of ductile cast iron pipes, over 5 million tons of steel products, 80,000t of pipe fitting, 3 million meters of steel-plastic composite pipe, 180,000t of special steel pipe and 120,000t of steel grating per year, providing diversified product services for customers.
In the first half of 2017, the company produced 1,058,100t of ductile pipe and pipe fitting, 2,375,800t of crude steel, 2,430,500t of steel products and 33,600t of steel grating, up by 8.70%, -7.08%, 4.10% and -2.04% YOY respectively; the electric energy production was 588 million degrees, up by -2.00% YOY.
