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Baoshan Iron & Steel's H1 profit up 89%

Aug. 28, 2012 (China Knowledge) - Baoshan Iron and Steel<600019>, a leading steel producer in China , also known as Baosteel, has announced its net profit attributable to shareholders surged 89.19% YoY to RMB 9.61 billion.

The huge increase in net profit was mainly due to the sales of its stainless steel and special steel business, which contributed RMB 9.09 billion in net profit.

From January to June, Baosteel saw its operation revenue drop 11.74% from a year earlier to RMB 98.1 billion. Basic earnings per share were RMB 0.55 for the period, up 89.19% YoY.

The steel producer earlier booked RMB 1.22 billion in net profit attributable to shareholders for the first quarter of this year, reflecting a YoY decrease of 60.22%.

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