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Hebei Iron resumes dividend payments; Q1, FY'15 net profit down

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Hebei Iron resumes dividend payments; Q1, FY'15 net profit down

on April 29 posted a net profit attributable to shareholders of 116.8 millionyuan, or 1.1 fen per share, for the first quarter, down 38.41% from the 189.7million yuan, or 1.8 fen per share, posted a year ago.

Operatingrevenues dropped 18.80% year over year to 17.83 billion yuan.

In aseparate same-day earnings release, the company also said its full-year 2015 netprofit fell by 17.75% year over year to 573.5 million yuan, or 5 fen per share.

Theprofit decline was attributed to slowing growth in domestic investments, weakdemand and declines in steel prices.

Thecompany resumed its dividend payments and declared a final dividend of 20 fenper 10 shares for 2015.

Forthe full year 2015, total revenues reached 73.10 billion yuan, down 25.60% from98.26 billion yuan recorded in 2014.

Financecosts increased 16.19% year over year to 4.49 billion yuan from 3.87 billionyuan, due to an increase in debts.

HebeiIron produced 30.9 million tonnes of iron ore, 31.4 million tonnes of crudesteel, 29.6 million tonnes of steel products and 168,000 tonnes of vanadium in2015.

Thisyear, the company targets total output at 31.8 million tonnes or iron ore, 31.2million tonnes of crude steel, 29.0 million tonnes of steel products and207,700 tonnes of vanadium.

Thecompany expected steel prices to remain low but was confident a newsupply-demand balance would be reached in domestic market.

HebeiIron also plans to restructure its debts for better financial risk control asit largely now relies on bank loans, the company said.

As of April 28, US$1 wasequivalent to 6.48 Chinese yuan.