China Trade Information

Chongqing Iron & Steel Co. Ltd announced yesterday that its net profits hit RMB 186 million in the first quarter of this year, up 51.6% from the same period of the previous year, citing the Chinese accounting standards.

The operating income in the first quarter went up by 48% to amount to RMB 4.09 billion. Earnings per share were RMB 0.11.

According to its annual report also released yesterday, its sales revenue exceeded RMB 12 billion in 2007 despite the surging fuel and raw material prices, representing a 24.94% rise year on year. Net profits of the year soared 48.33% to RMB 450 million.

The Chongqing-based steel manufacturer, after listing on the Hong Kong Stock Exchange in 1997, raised about RMB 1 billion by issuing 350 million A-shares at RMB 2.88 apiece last year.

Tags: Chongqing, iron-steel, steel

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