Maanshan Steel H1 net profit doubled

China Knowledge reported that Maanshan Iron & Steel Co Ltd posted its net profit in H1 of 2008 more than doubled to CNY 2.261 billion, or CNY 0.335 apiece from CNY 1.111 billion a year earlier.

The Anhui based company attributed the outstanding increase to the growing steel prices and output. Meanwhile, its operating revenue amounted to CNY 37.72 billion up by 79.36% from CNY 21.03 billion a year earlier, with its total assets hitting CNY 76.028 billion.

In H1 of 2008, output of pig iron rose 28.71% YoY to 6.41 million tonnes and that of crude steel and rolled steel amounted to 7.07 million tonnes and 6.51 million tonnes up by 27.85% and 28.15% respectively.

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Maanshan Steel H1 net profit doubled