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Article: Wuhan Steel forecasts net profit drop of over 50 pct year-on-year in 2009.(Financial report)
- Article from:
- China Business News
- Article date:
- August 27, 2009
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Wuhan Steel forecasts net profit drop of over 50 pct year-on-year in 2009
Shanghai. August 27. INTERFAX-CHINA - Shanghai Stock Exchange-listed Wuhan Iron and Steel Co. Ltd. announced on Aug. 27 that it anticipates its net profit for 2009 to fall by more than 50 percent on an annual basis.
It reported a net profit of RMB 5.19 billion ($759.56 million) in 2008.
Wuhan Steel's net profit and sales revenue stood at RMB 505.98 million ($74.06 million) and RMB 23.53 billion ($3.44 billion) in the first six months of 2009, down 89.69 percent and 27.15 percent year-on-year respectively. The company attributed the slumps to falling sales volume and ...