Chongqing Iron & Steel Co Ltd has predicted a net profit hike of more than 60% for the first half of 2008 in accordance with Mainland China's accounting standard.

In the first three months of this year, its major revenues amounted to CNY 4.089 billion and net profits CNY 186.41 million.

Previously, the steelmaker forecast that it would produce pig iron of 2.96 million tonnes, steel of 3.4 million tonnes and steel billet and steel products of 3.25 million tonnes in 2008.

Based at Chongqing in Southwest China had a YoY sharp increase in both major revenues and profits in the period due to increasing average prices of its major products, production increase and effective cost control.

Chongqing Iron & Steel Co had gained net profits of CNY 263.925 million in the first half of last year under the mainland accounting standard.