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Inner Mongolia Baotou Steel's H1'19 earnings down 27% YOY to 1.04B yuan

Inner Mongolia Baotou Steel Union Co. Ltd. on Aug. 28 said its net profit attributable to shareholders for the first six months ended June 30 fell 26.5% year over year to 1.04 billion Chinese yuan from 1.42 billion yuan of a year earlier.

EPS fell by 26.7% year over year to 2.28 fen from 3.11 fen. The company's operating revenue for the first half was down 4.3% year over year to 30.31 billion yuan, compared with 31.68 billion yuan of a year earlier.

Earnings after deducting nonrecurring items dropped 27.1% year over year to 1.03 billion yuan from 1.41 billion yuan of the previous year.

The company said iron ore production over the period fell 1.4% year over year to 7.2 million tonnes due to the maintenance work at a blast furnace. During the six months, it produced 7.5 million tonnes of steel, an increase of 0.97% year over year.

As of Aug. 27, US$1 was equivalent to 7.16 Chinese yuan.