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Angang Steel swings to loss in Q3

Oct. 25, 2012 (China Knowledge) - Angang Steel Co Ltd<000898><0347>, a leading Chinese steel producer, has said it suffered a net loss of RMB 1.19 billion in the third quarter of this year, compared with a net profit of RMB 19 million it realized in the corresponding period of 2011.

According to a statement filed with Shenzhen Stock Exchange, basic loss per share for the period was RMB 0.17.

From July to September, the Chinese steel producer realized RMB 19 billion in operation revenue, 18.8% less than it realized in the same period of last year.

In the first nine months of this year, Angang Steel saw its operation revenue amounted to RMB 58.38 billion, down 16.27% YoY, while its net loss for the period totaled RMB 3.17 billion.

The company earlier expected it will suffer a net loss of RMB 3.5 billion in 2012.

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