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Ba Yi Iron & Steel expects narrowed decline in net profit

Jul. 18, 2012 (China Knowledge) - China's Xinjiang Ba Yi Iron & Steel Co Ltd <600581>, the largest steel maker in Northwest China's Xinjiang Uygur Autonomous Region, announced yesterday that it expected its net profit to fall 51% YoY to RMB 190 million in the first half of this year.
The profit decline was smaller than the 90.02% drop in the first six months.

Basic earnings per share were estimated at RMB 0.25 in the period.

Ba Yi Iron & Steel said its operating revenue was expected to climb 0.8% YoY to RMB 14.1 billion in H1.

The steel maker earlier reported a net profit of RMB 16.88 million for the first quarter of this year. Operating revenue fell to RMB 5.82 billion in Q1 from RMB 6.70 billion in the same period of 2011.

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