Shaoguan Iron and Steel Songshan's net profits expected to reach RMB1.75 billion in first 3 quarters of 2017
2017-09-01 09:40:11 [Print]
According to the forecast of financial performance report of the third quarter released by Shaoguan Iron and Steel Songshan Co., Ltd. on the evening of August 29th, its net profits attributable to parent company will be likely to stand at RMB1.75 billion in the first 9 months of 2017, up by about 1,652.61% YOY compared with the figure of RMB113 million in the same period of last year.
The company noted that driven by national policies on supply-front structural reform, eliminating intermediate frequency furnaces and renovating substandard steel and others, prices for steel products have gone up substantially YOY so far in 2017 and it has sufficiently released effective capacities with its profitability improved dramatically YOY affected by obvious effect in management reform and cost reduction.
Its semi-annual financial performance report released on the evening of July 28th indicated that, it released operating revenues of RMB11.337 billion in the first half of 2017, up by 96.02% YOY; net profits attributable to share holders of listed company was RMB650 million, up by 363.61% YOY.
The company noted that driven by national policies on supply-front structural reform, eliminating intermediate frequency furnaces and renovating substandard steel and others, prices for steel products have gone up substantially YOY so far in 2017 and it has sufficiently released effective capacities with its profitability improved dramatically YOY affected by obvious effect in management reform and cost reduction.
Its semi-annual financial performance report released on the evening of July 28th indicated that, it released operating revenues of RMB11.337 billion in the first half of 2017, up by 96.02% YOY; net profits attributable to share holders of listed company was RMB650 million, up by 363.61% YOY.
