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Beijing Shougang's Q1 net loss widens to 482.3M yuan

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Beijing Shougang's Q1 net loss widens to 482.3M yuan

said April25 that its net loss for the first quarter increased to 482.3 million Chinese yuan,or 9.12 fen per share, from 316.7 million yuan, or 5.99 fen per share, posted inthe same quarter of 2015.

The widenednet loss is in line with its previousguidance of between 450 million yuan and 500 million yuan.

Operatingincome dropped 33.15% year over year to 3.43 billion yuan due to a decrease in steelprices, the company said.

Salescosts dropped to 127.6 million yuan from 179.4 million yuan recorded a year ago,while finance costs increased to 157.4 million yuan from 137.5 million yuan.

The companybooked 194.3 million yuan on asset impairments in the first quarter.

As of April 26, US$1 was equivalentto 6.50 Chinese yuan.