Dalian Jinniu net profit up 3.12%

SHANGHAI: Shenzhen-listed Dalian Jinniu Co Ltd, the first publicly traded Chinese steelmaker to announce its 2008 figures, posted a 3.12 percent increase in net profit from 2007 to 26.9 million yuan on sales of 3.4 billion yuan, up 0.13 percent. Earnings per share were 0.09 yuan.

The company said in its annual report that its steel output in 2008 fell 18.11 percent from a year before to 412,700 tons.

The company's performance, cast against the backdrop of an industry-wide slump, was closely watched by stock analysts and investors for indications on what to expect from other larger steelmakers reportedly weighed down by falling demand and mounting inventory.