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Hebei Iron & Steel’s Q1 sales revenues down by 10.76% y-o-y

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Reportedly, Chinese Hebei Iron & Steel released its Q1 financial report recently.

In the first quarter of this year, the company realized sales revenues of RMB29.1 billion, decreasing by 10.76% year on year. Its net profit attributable to shareholders was at RMB400 million, declining by 35% from RMB556 million in a quarter ago.

Hebei Iron & Steel stated that the slumped net profit was caused by the weak steel prices and high raw material prices in the Q1.

Meanwhile, the company also reported its financial report for 2011. It realized sales revenues of RMB133.3 billion in 2011, rising by 12% year on year.
News Date 30 Apr 2012 13:20:53 reported by Ruth Wang

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