Baosteel's Q3 profit drops 4.9%
By Richard Fu |
October 30, 2012, Tuesday
|
Print Edition
Print Edition
BAOSHAN Iron & Steel Co, China's largest listed steel mill, posted a 4.9 percent drop in third-quarter earnings as a slowing economy eroded demand from shipbuilders and automakers.
Net income fell to 1.18 billion yuan (US$189 million) in the three months from 1.24 billion yuan a year earlier. That beat the average forecast of 876 million yuan by four analysts in a Reuters poll.
Sales fell 15 percent to 48 billion yuan in the period, Baosteel said in a filing to the Shanghai Stock Exchange.
Steel prices in China fell to an almost four-year low early last month amid an economic slowdown, before the government unveiled plans to build a number of infrastructure projects including roads and subways to bolster growth.
The Shanghai-based company said steel prices may stabilize in the current quarter because of the government's plans.
Net income fell to 1.18 billion yuan (US$189 million) in the three months from 1.24 billion yuan a year earlier. That beat the average forecast of 876 million yuan by four analysts in a Reuters poll.
Sales fell 15 percent to 48 billion yuan in the period, Baosteel said in a filing to the Shanghai Stock Exchange.
Steel prices in China fell to an almost four-year low early last month amid an economic slowdown, before the government unveiled plans to build a number of infrastructure projects including roads and subways to bolster growth.
The Shanghai-based company said steel prices may stabilize in the current quarter because of the government's plans.
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