December 02, 2008

Wuhan Steel net profit in 2007 up by 67% YoY

It is reported that Wuhan Iron and Steel Company Limited realized net profit of CNY 6.518 billion in 2007 up by 67.35% YoY. Earnings per share reached CNY 0.832.

Wuhan Iron and Steel Company Limited produced 11.650 million tonnes of iron up by 5.89% YoY, 11.897 million tonnes of steel up by 8.16% YoY and 10.563 million tonnes of steel products last year up by 5.76% YoY respectively. Sales revenue hit a new record of CNY 54.16 billion.

Wuhan Iron and Steel Company Limited said in its quarterly report that net profit in the first quarter reached CNY 2.045 billion up by 42.69% YoY. EPS registered CNY 0.261.

Wuhan plans to produce 14 million tonnes of iron, 14.5 million tonnes of steel and 13.22 million tonnes of steel products in 2008. Sales revenue is expected to reach CNY 66.1 billion with cost of CNY 53.2 billion and it plans to cut costs by over CNY 1.9 billion. The company also set its fixed asset investment target at CNY 14.7 billion in 2008.