XFN-Asia reported that Chongqing Iron & Steel Co Ltd expects its net profits for H1 ended June to increase by more than 60% YoY based on Chinese accounting standards on the back of significant growth in both revenue and profit from its principal operations.

Chongqing Iron & Steel Co Ltd attributed the healthy growth to the increasing average prices of its major products, expanded production volume and effective internal cost controls.

According to the report, during the first half of last year, the company made a net profit of CNY 262.74 million under international accounting standards while earnings per share were CNY 0.163.

Under Chinese accounting standards, Chongqing Iron & Steel made a net profit of CNY 263.93 million in the first half last year, while earnings per share were CNY 0.16.