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Xinyu Iron & Steel expects net loss in H1

Aug. 1, 2012 (China Knowledge) - Xinyu Iron & Steel Co<600782>, a steel product maker based in Xinyu of Jiangxi Province, expects to suffer a net loss of between RMB 350 million and RMB 400 million in the first half of this year.

Basic loss per share for the six-month period will be RMB 0.25 to RMB 0.29.

In the first half of 2011, the company realized RMB 221 million in net profit attributable to shareholders with basic earnings per share of RMB 0.16.

In a statement filed with Shanghai Stock Exchange, the steel product maker said the loss was mainly due to weak demand in steel market and the huge decrease in the price of steel product.

In the first quarter of this year, Xinyu Iron & Steel saw its operation revenue decreased 8.42% YoY to RMB 8.66 billion, while its net loss attributable to shareholders was RMB 260.3 million compared with a net profit of RMB 136.68 million it realized in the corresponding period of 2011.

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