Top Biz News

Hunan Valin Steel amends profit forecast in 2009

(Xinhua)
Updated: 2010-01-28 14:57
Large Medium Small

Hunan Valin Steel Co, one of China's major steel makers, on Thursday amended the forecast of its 2009 net profit and expected it to return to the black.

In a statement to the Shenzhen Stock Exchange, the Hunan-based company amended last year's net profit from losses of 220 million yuan ($32 million) to gains of 100 million yuan. The revised profit was still 89 percent less than 953 million yuan in 2008.

Related readings:
Hunan Valin Steel amends profit forecast in 2009 Valin shares get a boost in Shenzhen
Hunan Valin Steel amends profit forecast in 2009 Valin: Further approvals needed for Fortescue deal
Hunan Valin Steel amends profit forecast in 2009 Fortescue to expand iron ore sales to China's Valin
Hunan Valin Steel amends profit forecast in 2009 Valin sets sights on expansion via plants

Valin also amended its earnings per share from minus 0.08 yuan to 0.04 yuan in 2009.

The profit rise was attributable to the greater-than-expected rise in domestic steel prices in the last quarter of 2009 and good control of production cost, the statement said.

Valin's shares opened at 6.15 yuan on Thursday, the same as the previous close. It then dipped 1 percent before rising to end at 6.21 yuan at the midday closing.
Specials
Columnists
China Daily E-paper