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Shougang Steel profit down 10%
By Hu Yang (chinadaily.com.cn)
Updated: 2010-03-04 17:22
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Beijing Shougang Steel Group realized a profit of 368 million yuan ($53 million) in 2009, down 10.44 percent year-on-year. Its earnings per share was 0.12 yuan, the company said in its annual report released Thursday, the National Business Daily reported. Its 2009 revenue was 22.7 billion yuan, down 7.04% percent year-on-year. The rate of return on common stockholders' equity was 4.67 percent.
During the first three quarters, the company made a profit of 413 million yuan, which means the fourth quarter witnessed a loss of 45 million yuan, or 0.02 yuan per share.
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The company attributed the drop in profits to decreased prices for steel products. Since the end of August last year, steel product prices plummeted because of the surplus in the domestic market and a weak export demand.
The performance of Shougang Steel's core business is overshadowed by the investment returns. Income from investment on stocks was 63.1 million yuan, accounting for 17.12 percent of its net profit.
