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Beijing Shougang flags up to 617% YOY surge in Q3 net profit

Beijing Shougang Co. Ltd. said Oct. 13 that it expects net profit attributable to shareholders for the third quarter to surge between 567% and 617% from the 120.4 million Chinese yuan recorded a year ago.

Net profit was expected to range between 800 million yuan and 860 million yuan, or between 15 fen per share and 16 fen per share.

The company said it benefited from a domestic supply-side reform and reduced costs. For the first two quarters, net profit was up 5,668% year over year to 948.9 million yuan.

As of Oct. 13, US$1 was equivalent to 6.59 Chinese yuan.