Maanshan Iron & Steel Co. Ltd. on Aug. 30 reported a 66.6% year over year drop for its net profit attributable to shareholders for the first six months of the year.
The company's earnings in the first half fell to 1.14 billion Chinese yuan from 3.43 billion yuan of a year earlier.
EPS dropped 66.6% year over year to 14.86 fen from 44.52 fen.
Operating revenue during the period was down 7.6% to 37.03 billion yuan from 40.06 million yuan of the year-ago period.
The company attributed the drop in its earnings to decreased steel prices and higher raw material prices.
Maanshan Iron & Steel produced 8.7 million tonnes of pig iron during the first six months, a yearly drop of 4.7%. Crude steel output reduced by 5.1% year over year to 9.5 million tonnes and steel products production fell by 6.4% to 8.9 tonnes.
As of Aug. 29, US$1 was equivalent to 7.14 Chinese yuan.
