Masteel made net profit of 802mln yuan in Q3, up 1.99% y-o-y

October 28 MetalBiz--The financial report for Q3 from Masteel on October 27 showed that the net profit of the company slightly increased 2% year on year.

According to the report, the company realized the revenue income of 14.405bln yuan in Q3, down 27.51% year on year and the net profit was up 1.99% to 802mln yuan. The earning of per share reached 0.1042 yuan.

In the first three quarters, the company made business income of 37.829bln yuan, the net profit got to 6.9149mln yuan and earning was 0.0009 yuan per share.

Masteel said that in the report period, the demand in international steel market recovered and steel price continued to rally. China' s economic growth was relatively fast and the domestic steel demand increased, but the steel production inclined continuously and the contradiction between supply and demand was still prominent. After the continued rally in July, the domestic steel price fell significantly in mid-August to September. Compared with steel, the price of iron ore, coal and fuel maintains high level and the steel enterprises' profit drops dramatically.

The company made certain achievement by intensively organizing production, increasing to reduce cost, improving performance, flexibly adjusting sales strategy and etc.