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Wuhan Iron & Steel sees profit for Q1 plunge 93%

Apr. 24, 2012 (China Knowledge) - Wuhan Iron & Steel Co<600005>, one of the leading iron and steel makers in China, reaped RMB 43.06 million in net profit in the first quarter of this year, reflecting a year-on-year plunge of 93% from RMB 602.9 million.

Revenue for the quarter declined by 9.5% year on year from RMB 22.27 billion to RMB 20.99 billion. Earnings per share were RMB 0.04.

The Shanghai-listed firm attributed the profit and revenue decreases to declined prices and increased costs, as well as the sluggish property market.

In 2011, the iron and steel maker saw net profit decline by 43% to RMB 1.08 billion from RMB 1.89 billion in 2010. Revenue for last year totaled RMB 101.1 billion, up 16% year on year from RMB 86.9 billion. A dividend of RMB 0.05 per share was declared.

Wuhan Iron & Steel also estimated that its net profit for the first half of 2012 would plunge over 50% from a year earlier.

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