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Shandong Iron returns to profit for FY'15 on back of 12.82B yuan asset restructuring

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Shandong Iron returns to profit for FY'15 on back of 12.82B yuan asset restructuring

said April 27 that its net loss attributable to shareholders for the first quarterwidened to 332.9 million Chinese yuan, or 3.95 fen per share, from 190.0 millionyuan, or 2.95 fen per share, recorded in same quarter of 2015.

Operatingincome dropped 15.46% year over year to 10.38 billion yuan. Operating costs stoodat 10.70 billion yuan, down 14.1% from 12.46 billion yuan recorded a year ago.

In fullyear 2015, the company returned to net profit of 75.9 million yuan, or 1.07 fenper share, which compares to net loss of 1.40 billion yuan, or 21.73 fen per share,in 2014.

Full-yearoperating income was down 24.86% year over year to 38.97 billion yuan due to lowersales prices and volumes of steel products. Operating costs for the year declined23.42% to 38.09 billion yuan.

Nonoperatingrevenue surged to 2.24 billion yuan from 15.1 million yuan posted in 2014, on theback of asset sales, the company said.

As ofDec. 31, 2015, the company held 25.34 billion yuan in fixed assets, down by 10.62billion yuan compared to the end of 2014, as it off-loaded a number of steel assets to parent for 12.82 billion yuan.

ShandongIron said it received 3.46 billion yuan in cash from the parent group for the dealin 2015, which is in line with the signed agreement.

The companyproduced 9.5 million tonnes of iron ore, 11 million tonnes of crude steel and 10.6million tonnes of steel products in 2015.

Thisyear, total production is targeted at 7.9 million tonnes of iron ore, 9.3 milliontonnes of crude steel and 8.6 million tonnes of steel products. Meanwhile, full-yearoperating revenue and cost is expected to drop to 31.08 billion yuan and 31.01 billionyuan, respectively.

The companycontinued to suspend its dividend payment for 2015.

As of April 28, US$1 was equivalentto 6.48 Chinese yuan.