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Jinan Iron and Steel net profits down 167.82% in H1

(chinadaily.com.cn)
Updated: 2009-08-03 17:09

The Shandong-based Jinan Iron and Steel Company Limited saw its profits shrink 167.82 percent in the first half of this year compared to the same period last year. The loss totaled 875.42 million yuan, the company said in its interim report today.

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Its operating revenue fell 45.53 percent to 12.08 billion yuan, while operating costs also fell 32.93 percent to 13.05 billion yuan during the same period.

In total, the company reported 27.35 billion yuan in assets and 21 billion yuan in liabilities, making its asset-liability ratio 76.78 percent.

Jinan Iron and Steel produced 3.56 million tons of steel, 3.38 million tons of iron and 3.20 million tons of rolled steel products in the first half of this year.

Shares of the company rose 9.99 percent to 7.60 yuan on Monday.